By Selwyn Duke

It’s a seductive appeal: “Soak the rich!”

“Make them pay their fair share!”

“Get your piece of the pie!”

As Norway is proving with its “wealth tax,” however, there’s a simple reason why this doesn’t work:

The rich will simply take their pie to greener (and less meaner) pastures.

In fact, ever since Norway’s Labor Party won power in 2021 and kept its promise to increase the nation’s wealth tax, the Scandinavian country’s rich have been leaving — taking tens of billions of dollars with them. The result?

While the raised wealth tax was projected to increase revenue steeply, it’s now on track to generate 40 percent less revenue than it has in recent years.

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