Wealth Tax Norway
About Wealth Tax Norway
Norway has a wealth tax of approximately 1 percent on net wealth over 1.7 million NOK for individuals. The tax applies to most assets including real estate, stocks, and bank deposits. The wealth tax has been controversial, with some wealthy Norwegians emigrating to Switzerland to avoid it. Norway has adjusted the tax over time, including a 2022 change that increased valuations of certain assets. Norway also has high income tax rates and VAT. The combination of taxes means that high income Norwegians can face marginal effective rates over 50 percent. Despite this, Norway has one of the highest standards of living in the world. Norwegian wealth tax revenue is relatively modest at approximately 1.5 percent of total tax revenue but it is politically important as a symbol of egalitarianism.
Related Entries
Stamp Act 1765
The Stamp Act of 1765 required American colonists to pay a tax on every piece of printed paper they ...
Magna Carta Taxation
Magna Carta, signed in 1215, limited the power of King John to impose taxes without consent. Clause ...
US Income Tax 1861
The first US federal income tax was enacted in 1861 to fund the Civil War. The Revenue Act of 1861 i...
16th Amendment
The 16th Amendment to the US Constitution, ratified in 1913, gave Congress the power to lay and coll...