Norwegian entrepreneur Karl Alveng Munthe-Kaas will face a hefty tax bill when the grocery company he co-founded in 2013 goes public. But the 37-year-old isn’t bitter; he welcomes it.
For Munthe-Kaas, a system that raises revenue by targeting those with the greatest capacity to pay makes sense. “I think it’s a simple, and also fair, principle,” said Munthe-Kaas. No one in Norway would have become very wealthy, he said, “if it hadn’t been for the public services the government provides.”
Norway’s tax — levied on an individual or couple’s net wealth, above a threshold — is one of only a handful worldwide. But in the U.S., the once-fringe proposal is now getting mainstream attention.
The idea has been championed by high-profile progressive Sens. Elizabeth Warren (D-Mass.) and Bernie Sanders (I-Vt.), who argue the policy could be a powerful tool to narrow America’s sobering wealth gap, including the enduring racial divide. A tax on the small group of individuals and families who control disproportionate riches could generate much-needed revenue, wealth tax supporters argue, to fund services like health care, child care and education; to […]
Americans have been paying a wealth tax for generations to fund the schools and other local City and County programs and is called Property Tax.
Already there are statements from leading republican senators that the deficit and entitlements need to be addressed…“I think that’s kind of getting back to our DNA. …I think spending, entitlement reform, growth and the economy are all things that we’re going to have to be focused on next year and, yeah, I would expect you’ll hear a lot more about that,” said Sen. John Thune (R-S.D.), the No. 2 Senate Republican.
Not surprising after years of ever growing deficits under himself with no complaints from these same deficit hawks. This during the greatest economy in world history before covid, a $1T deficit brought on by a huge TAX CUT for those who have the most and need it the least. That may be his only legislative accomplishment in four years.
Norway is what a reasonably intellectually and emotionally mature society looks like recognizing we humans accomplish more and live a better life by cooperation rather than by competition. Those with the most should pay a much higher percentage of their income in taxes as once was the case here. It is interesting that many Americans have been convinced that rich should keep as much as possible because well they are rich, they earned it….
I agree in most part to what you are saying, Will. We would be a much better society with a socialistic monetary system rather than this capitalist system which generates too much inequality and no wellbeing for the majority of the people. The deficit could easily be paid off with a well planned wealth tax in place, and inequality could be abolished.