People are so angry': how wealth tax became a battleground in Norway's election

"As the country prepares to go to the polls on Monday, Norway is in the grip of a ferocious national argument that is likely to rumble on whichever party wins. In an economy less then a seventh the size of Britain's, the formuesskatt raises about 32bn kroner (2.4bn). Multiply that by the difference in GDP, and the same rules applied in the UK could raise more than 17bn serious money in tax terms."

"They see it as the cornerstone of a progressive tax system that has helped to create one of Europe's most equal societies. But entrepreneurs are pushing back, financing lobbying campaigns and pouring money into politics and online advertising. There is even a protest song. Don't come to Norway, we will tax you till you're poor, and when you have nothing left, we will tax you a little more, laments a business consultant in a video posted on LinkedIn."

The national wealth tax dominates the Norwegian general election, provoking intense debate over whether to keep, cut, or abolish it. The formuesskatt raises about 32bn kroner (2.4bn) in Norway; applying equivalent rules to the UK could raise more than 17bn. Supporters portray the tax as a cornerstone of a progressive tax system that underpins high equality. Entrepreneurs and business interests are funding lobbying, political advertising and protests. Experts and academics who study the tax face disinformation, hate mail and media targeting, prompting some to withdraw from social media. Public opinion is sharply polarized.

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