Norway’s 50 richest persons get a billion kroner in tax cuts

money rainIllustration: Money rain.Photo: pixabay.com

The 50 richest in the country will  have  their taxes reduced by one billion kroner  in  in total, because of the tax cuts of the blueblue government,, according to the newspaper Klassekampen.

The newspaper has studied the amount of tax cuts the 50 Norwegians with the highest tax assets have got after the cuts in  the capital tax so far.

These rich people will get one billion kroner in tax cuts in total, which amounts to approximately 20 million per person.

In the budget for 2014 the wealth tax was lowered from 1.1 to 1 percent.

For 2015 the amount of property or fortune for which you have to pay  taxes increased to 1.2 million and the rate was reduced to 0.85 percent. The amount of property or fortune for which you have to pay taxes was further increased to 1.4 million in 2016.

In 2014, 13.5 billion was paid in wealth taxes, which amounts to approximately one percent of the state’s tax revenue. On Thursday Finance Minister Siv Jensen will present the government’s proposed national budget for 2017.

– If you look at redistribution per krone in the taxes collected, the wealth tax itself is a very effective instrument for bringing about redistribution,  a researcher at Statistics Norway, Rolf Aaberge, says.

The argument for cuts in capital tax is that it will lead to more business investments, which will then result in more jobs and new tax revenues.

At the same time, the removal of this tax increase the fortunes and the  concentration of economic power among the richest people in the country in question.

 

Source: NTB scanpix / Norway Today

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