{"id":208153,"date":"2025-09-07T17:30:09","date_gmt":"2025-09-07T17:30:09","guid":{"rendered":"https:\/\/www.europesays.com\/us\/208153\/"},"modified":"2025-09-07T17:30:09","modified_gmt":"2025-09-07T17:30:09","slug":"wealth-tax-in-the-spotlight-in-norways-election","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/us\/208153\/","title":{"rendered":"Wealth tax in the spotlight in Norway’s election"},"content":{"rendered":"

STAVANGER, Norway (AP) \u2014 Prosperous Norway<\/a> is holding an election with inequality high on the list of concerns and the future of a wealth tax<\/a> that has endured for over a century in doubt.<\/p>\n

There is expected to be a close outcome between the center-left bloc led by the Labor Party of Prime Minister Jonas Gahr St\u00f8re<\/a>, Norway\u2019s leader for the past four years, and a right-wing bloc. Voting at polling places got underway Sunday and would run through Monday.<\/p>\n

Labor wants to keep the wealth tax that has been a mainstay of Norwegian policy since 1892. Of its rivals on the right, the Conservatives want it reduced and the Progress Party, which calls for lower taxes and more immigration controls, wants it scrapped. Previously a fringe issue, it has been at the heart of this campaign.<\/p>\n

Around 4.3 million people in the nation of some 5.6 million are eligible to vote for the new 169-member parliament, or Storting. Official results are expected on Tuesday. They are usually followed by weeks of horse-trading to form a coalition and agree on Cabinet positions. <\/p>\n

The result isn\u2019t likely to have major implications for Norway\u2019s foreign policy. The country is a stalwart member of NATO and a strong supporter of Ukraine\u2019s defense against Russia.<\/p>\n

A levy of up to 1.1% on high assets<\/p>\n

The wealth tax is a levy of up to 1.1% on assets and shares worth more than 1.76 million kroner (around $176,000), though there are various reductions and discounts, for instance taking account of debt and property. Labor says that scrapping it would cost 34 billion kroner ($3.3 billion) per year.<\/p>\n

The Progress Party, which leads the right-wing coalition, is calling for the wealth tax to be abolished, arguing that it is detrimental to the economy. Party leader Sylvie Listhaug argues that it penalizes entrepreneurs who might have taxable stakes in valuable companies, but little real income.<\/p>\n

\u201cThe money paid in wealth tax could have been spent creating businesses, new jobs and more innovation,\u201d Listhaug wrote in an email to The Associated Press. <\/p>\n

Polls show Listhaug\u2019s party ahead of the Conservatives, led by former Prime Minister Erna Solberg, who were the senior partner in the last center-right government from 2013 to 2021. It has been bolstered by an energetic social media campaign, driven by youthful influencers who have inspired younger voters against the tax.<\/p>\n

\u201cI think that young people are really unhappy about the direction that Norway is taking,\u201d said Listhaug, citing concerns about immigration, crime, overseas aid and green subsidies as crunch issues for young voters. \u201cThe future seems less bright so they want a change.\u201d<\/p>\n

Sharing the wealth<\/p>\n

Norway is one of the richest countries in the world. It has a generous welfare state, sits on billions of barrels of oil and gas, and has one of the world\u2019s largest sovereign wealth funds, worth around 20 trillion kroner ($2 trillion). Gross domestic product per person is the sixth-highest in the world, one place above the U.S., according to the International Monetary Fund.<\/p>\n

It is also one of the world\u2019s most egalitarian countries, sharing its wealth much more evenly than many others \u2014 and the way Norway\u2019s riches have been used for international aid and investment has also emerged as a campaign issue. <\/p>\n

Many, including the Labor Party, say the wealth tax is one of the most effective levers for removing inequality. Norway is one of only three countries in the 38-member Organization for Economic Co-operation and Development<\/a>, a club of rich countries, which levies a tax on net wealth.<\/p>\n

One of its champions is the country\u2019s most popular politician, Jens Stoltenberg, a former secretary-general of NATO. Gahr St\u00f8re persuaded Stoltenberg, who is also a former prime minister, to return to government as finance minister in February. That was followed by a 10-point bump in polls for Labor. <\/p>\n

Stoltenberg argued in a preelection debate on public broadcaster NRK that many of the richest Norwegians would end up paying \u201calmost nothing\u201d if the wealth tax was scrapped.<\/p>\n

Even in the rich country, inflation is on many minds: The Norwegian central bank says the Consumer Price Index rose 3.3% over the last 12 months \u2013 well above the bank\u2019s target rate of 2%.<\/p>\n

Some of the richest Norwegians have left<\/p>\n

Some of the richest have already voted with their feet.<\/p>\n

When the Labor government tinkered with the tax in 2022, removing some of its exemptions, it precipitated an exodus of ultra-wealthy Norwegians to Switzerland, including the richest, Kjell Inge R\u00f8kke.<\/p>\n

Good riddance, say some Norwegians who grumble about their compatriots benefiting from a stable economy and tax funded education, then decamping instead of paying their way. <\/p>\n

\u201cThere was a growing resentment that some rich people did not pay or take part in the funding of the welfare state as they should,\u201d said Bernt Aardal, an election researcher and professor at the University of Oslo.<\/p>\n

Social media bump<\/p>\n

One of the reasons why the wealth tax has played such a role in this election is because social media influencers have focused on the issue. <\/p>\n

The main party leaders have all appeared on Gutta (The Guys), a popular YouTube channel, which appeals especially to young men and leans against the tax.<\/p>\n

\u201cThe funny thing is that quite a few younger voters, who are not affected by the tax, are citing it as the main issue in this campaign,\u201d Aardal said. \u201cSo it will be interesting to see if it not only galvanizes opinion but motivates them to vote.\u201d<\/p>\n

On the streets of Oslo, the capital, some voters expressed frustration that other topics like global warming got less attention in the campaign.<\/p>\n

\u201cThe main topic was kind of ridiculous because it was about the taxes on people\u2019s fortunes, which I don\u2019t think is the most important subject in the world,\u201d said Sigrid Dehli Jensrud, a 46-year-old doctor. \u201cI think it\u2019s embarrassing that it dominated the election, and I think it was embarrassing that climate change was such a small part.\u201d<\/p>\n

___<\/p>\n

Associated Press journalist Kostya Manenkov in Oslo, Norway, contributed to this report.<\/p>\n","protected":false},"excerpt":{"rendered":"STAVANGER, Norway (AP) \u2014 Prosperous Norway is holding an election with inequality high on the list of concerns…\n","protected":false},"author":3,"featured_media":208154,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[64,90,114288,57,45888,86204,70079,50,18242,70078,80,114289,114290,618,103,107],"class_list":{"0":"post-208153","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-world","8":"tag-business","9":"tag-elections","10":"tag-erna-solberg","11":"tag-general-news","12":"tag-global-elections","13":"tag-jens-stoltenberg","14":"tag-jonas-gahr-stre","15":"tag-news","16":"tag-norway","17":"tag-norway-government","18":"tag-politics","19":"tag-sigrid-dehli-jensrud","20":"tag-sylvie-listhaug","21":"tag-taxes","22":"tag-world","23":"tag-world-news"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/115164205959565884","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/208153","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=208153"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/208153\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/208154"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=208153"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=208153"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=208153"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}