Norwegian taxes are not too far off from CA or NY taxes to be honest. The marginal rate tops out at under 50%.
It’s worse for capital gains and they have a wealth taxes so a lot worse for some.
It’s worse for capital gains and they have a wealth taxes so a lot worse for some.
The top CA or NY bracket is dependent on the top US federal bracket which kicks in at $537,000.
Not to mention the <cough> 25% VAT in Norway.
Why does the relative amount of tax paid against the total networth matter in this instance?
Ideally taxes shouldn't be a large burden to anyone. The richer someone is, the larger absolute amount of taxes that person can pay for the same burden level. In fact, it's not just a fixed percent. The richer someone is, the larger percent of taxes that person can pay for the same burden level.
The rich got to where they are by using the infrastructure built by the government. A rich person gets more value from the government than a poor person, so thus it's fair that a rich person pays more in taxes.