worshipbitcoin on Nostr: GM☕ In Norway there is a 1.1% WEALTH TAX. That's like being locked up in GBTC ...

GM☕

In Norway there is a 1.1% WEALTH TAX.

That's like being locked up in GBTC forever.

In 30 years the 1.1% compounds to about 40%.

So you could say that if you want to stay in Norway as a bitcoiner, you're gonna have to pay almost half your stack in that time frame. And if you're selling bitcoin to pay that, then you have to add capital gains taxes aswell.

Now, there is a lower bound for the wealth tax, and loans are discounted from your net worth. But this lower bound where if you go above it you are considered 'wealthy', is only about 170k USD.

Kindof an interesting comparison I thought, and maybe a useful lens to understand why hundreds of Norway's richest people have exited the country over the last few years (although we've had the wealth tax for longer than that, it did increase from 1% to 1.1% together with other policies disfavoring capital and entrepreneurship).