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  • Norway's Wealth Tax Is Uncommon. Here's What America Could Learn From It.

    Carly Stern

    November 12, 2020 |

    The Huffington Post |

    Text |

    800-1500 Words

    Response Location: Norway

    To reduce income inequality, progressive U.S. senators look to Norway for ways to raise revenue by taxing those with the greatest capacity to pay. A wealth tax of 0.85% kicks in when individuals amass roughly $165,000 in personal wealth for individuals and $330,000 for couples. Data shows that individuals who own small businesses, which are counted as personal wealth, tend to invest in their companies and hire more employees to reduce their taxable wealth. Support for the system is generally high because of the services citizens get in return, such as free education, health care, and other social services.

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