Australian Politics Forum - Greens Push To Hit Rich With Billionaires Tax

freediver

Gold Member

Offline

www.ozpolitic.com

Posts: 49574
At my desk.

Re: Greens Push To Hit Rich With Billionaires Tax
Reply #15 - Feb 11^th, 2025 at 1:26pm

Sir lastnail wrote on Feb 11^th, 2025 at 12:18pm:

freediver wrote on Feb 11^th, 2025 at 8:49am:

Quote:

It also warned billionaires would likely employ “sophisticated strategies to reduce their wealth tax liability,” and consider legal action which would either delay the collection of revenue, or significantly reduce the amount which could be collected.

Or they would just leave the country. As happened when France tried this and they ended up collecting less tax revenue, not more.

How does Norway do it then ?? They don't give all of the natural wealth of the country away to foreign pirates for peanuts Sad

How does Norway do what?

Back to top

People who can't distinguish between etymology and entomology bug me in ways I cannot put into words.

IP Logged

Sir lastnail

Gold Member

Offline

Australian Politics

Posts: 30117
Gender: male

Re: Greens Push To Hit Rich With Billionaires Tax
Reply #16 - Feb 11^th, 2025 at 4:42pm

freediver wrote on Feb 11^th, 2025 at 1:26pm:

Sir lastnail wrote on Feb 11^th, 2025 at 12:18pm:

freediver wrote on Feb 11^th, 2025 at 8:49am:

Quote:

It also warned billionaires would likely employ “sophisticated strategies to reduce their wealth tax liability,” and consider legal action which would either delay the collection of revenue, or significantly reduce the amount which could be collected.

Or they would just leave the country. As happened when France tried this and they ended up collecting less tax revenue, not more.

How does Norway do it then ?? They don't give all of the natural wealth of the country away to foreign pirates for peanuts Sad

How does Norway do what?

A 78% super profits tax whilst benefitting from a sovereign wealth fund worth 1.8 trillion !!

Quote:

As of January 29, 2025, Norway's sovereign wealth fund was worth $1.8 trillion, making it the world's largest. The fund's value is based on the Norwegian krone's depreciation against major currencies.

As opposed to aussies who give all of their wealth away for peanuts to all of these foreign pirates in exchange for some crappy temporary jobs. What a bunch of suckers we are Sad

Back to top

« Last Edit: Feb 11^th, 2025 at 4:49pm by Sir lastnail »

In August 2021, Newcastle Coroner Karen Dilks recorded that Lisa Shaw had died “due to complications of an AstraZeneca COVID vaccination”.

IP Logged

Bobby.

Gold Member

Offline

Australian Politics

Posts: 107542
Melbourne
Gender: male

Re: Greens Push To Hit Rich With Billionaires Tax
Reply #17 - Feb 11^th, 2025 at 4:54pm

yes - you're right sir brave Nail,

https://taxsummaries.pwc.com/norway/corporate/taxes-on-corporate-income

Norway
Petroleum tax regime

All upstream petroleum activity on the Norwegian Continental Shelf (NCS) is taxable to Norway.

Taxation is based on net income at a marginal tax rate of 78%, which comprises the ordinary 22% CIT rate and a 56% special tax. All income is subject to 22% CIT, while only income from offshore production and pipeline transportation of petroleum on the NCS (offshore tax regime) is subject to the additional 56% special tax.

Following the 2022 shift to a ‘sequential’ tax system, tax on upstream petroleum tax activities is calculated in two steps. Firstly, the tax in the ordinary 22% tax base is calculated. The resulting tax amount is then deducted from the special tax base, on which a ‘technical special tax rate’ of 71.8% is applied in order for the overall effective tax rate to remain 78%:

Back to top

IP Logged

freediver

Gold Member

Offline

www.ozpolitic.com

Posts: 49574
At my desk.

Re: Greens Push To Hit Rich With Billionaires Tax
Reply #18 - Feb 12^th, 2025 at 10:45am

Sir lastnail wrote on Feb 11^th, 2025 at 4:42pm:

freediver wrote on Feb 11^th, 2025 at 1:26pm:

Sir lastnail wrote on Feb 11^th, 2025 at 12:18pm:

freediver wrote on Feb 11^th, 2025 at 8:49am:

Quote:

It also warned billionaires would likely employ “sophisticated strategies to reduce their wealth tax liability,” and consider legal action which would either delay the collection of revenue, or significantly reduce the amount which could be collected.

Or they would just leave the country. As happened when France tried this and they ended up collecting less tax revenue, not more.

How does Norway do it then ?? They don't give all of the natural wealth of the country away to foreign pirates for peanuts Sad

How does Norway do what?

A 78% super profits tax whilst benefitting from a sovereign wealth fund worth 1.8 trillion !!

Quote:

As of January 29, 2025, Norway's sovereign wealth fund was worth $1.8 trillion, making it the world's largest. The fund's value is based on the Norwegian krone's depreciation against major currencies.

As opposed to aussies who give all of their wealth away for peanuts to all of these foreign pirates in exchange for some crappy temporary jobs. What a bunch of suckers we are Sad

None of that is a tax on people for being rich. You have answered your own question about how Norway does it - not the idiotic, self destructive way proposed by the Greens.

Back to top

People who can't distinguish between etymology and entomology bug me in ways I cannot put into words.

IP Logged