David Friedberg

Because as the tax burden becomes too high on those companies and there's an alternative to them in the country, they'll leave.

Because as the tax burden becomes too high on those companies and there's an alternative to them in the country, they'll leave.

And then...

And then...

You have this spiral that happens where the people that are in that state say, wait a second, there's no jobs.

You have this spiral that happens where the people that are in that state say, wait a second, there's no jobs.

There's no income gain.

There's no income gain.

We need to increase taxation and the tax bills get passed.

We need to increase taxation and the tax bills get passed.

Norway 2022 passed a wealth tax.

Norway 2022 passed a wealth tax.

The wealth tax was supposed to raise $146 million of incremental revenue per year.

The wealth tax was supposed to raise $146 million of incremental revenue per year.

Instead, what happened?

Instead, what happened?

$54 billion of net worth left the country, and they actually had a $448 million tax loss.

$54 billion of net worth left the country, and they actually had a $448 million tax loss.

The taxes declined rather than went up.

The taxes declined rather than went up.