The rich here in Norway have no income and no fortune if you look at their tax returns. But they own huge companies, have multiple houses and cars, etc. Not to mention the ones who have moved abroad who doesn’t have tax returns at all…
I have to be honest: It does confuse be a bit how they’re able to get away with this. There’s this uproar now about the wealth tax (1), which I partly understand, because if your business isn’t turning a profit, and you’re forced to pay taxes based on the value of the shares, you have a problem. However, some people are apparently capable of buying houses, boats and cars, as well as living a lavish lifestyle, while still having a “zero” in their income. My guy, how are you buying food and houses without having a taxable income?
I think the wealth tax is a good place to start, but as of now it seems to me like it isn’t specific enough. We need some way to ensure that
If you want to buy something, you need either income or a loan.
If you want to pay your loans you need income.
If you have income, it is taxed.
so that we can ensure that the money these people are getting from somewhere is appropriately taxed, while avoiding hurting people that own a company with millions in assets (e.g. in equipment), but aren’t cashing out anything from the company (e.g. aren’t buying expensive shit for themselves). Of course, “benefits” like getting a house, meals, or a yacht as a “gift” from your company should be taxed appropriately.
(1) For non-Norwegians: We’ve recently introduced a tax based on your current wealth, rather than income
The rich here in Norway have no income and no fortune if you look at their tax returns.
No income after deductions or no reported income at all? And yes I understand the concept of getting loans against assets that doesn’t show up at taxable income. Do they not report income to their country of residence if it isn’t Norway?
I haven’t looked into it directly, but when the media looks into it every time the tax lists are released (yes, anybody can look into anybodys tax returns) then many are shown with zero in both columns.
Others move to different countries to get away from our taxes. I guess it is because they are’nt rigged in such a way that they can hide their assets or do deductibles like that. But I don’t know how the countries they move to work taxwise other than that it pays off for them, or they wouldn’t keep doing it.
The rich here in Norway have no income and no fortune if you look at their tax returns. But they own huge companies, have multiple houses and cars, etc. Not to mention the ones who have moved abroad who doesn’t have tax returns at all…
I have to be honest: It does confuse be a bit how they’re able to get away with this. There’s this uproar now about the wealth tax (1), which I partly understand, because if your business isn’t turning a profit, and you’re forced to pay taxes based on the value of the shares, you have a problem. However, some people are apparently capable of buying houses, boats and cars, as well as living a lavish lifestyle, while still having a “zero” in their income. My guy, how are you buying food and houses without having a taxable income?
I think the wealth tax is a good place to start, but as of now it seems to me like it isn’t specific enough. We need some way to ensure that
so that we can ensure that the money these people are getting from somewhere is appropriately taxed, while avoiding hurting people that own a company with millions in assets (e.g. in equipment), but aren’t cashing out anything from the company (e.g. aren’t buying expensive shit for themselves). Of course, “benefits” like getting a house, meals, or a yacht as a “gift” from your company should be taxed appropriately.
(1) For non-Norwegians: We’ve recently introduced a tax based on your current wealth, rather than income
No income after deductions or no reported income at all? And yes I understand the concept of getting loans against assets that doesn’t show up at taxable income. Do they not report income to their country of residence if it isn’t Norway?
I haven’t looked into it directly, but when the media looks into it every time the tax lists are released (yes, anybody can look into anybodys tax returns) then many are shown with zero in both columns.
Others move to different countries to get away from our taxes. I guess it is because they are’nt rigged in such a way that they can hide their assets or do deductibles like that. But I don’t know how the countries they move to work taxwise other than that it pays off for them, or they wouldn’t keep doing it.