Norway’s Tax-the-Rich Drive Provokes Widening Business Backlash

Norway’s planned clampdown on the nation’s wealthiest citizens is provoking a backlash from entrepreneurs who warn the measure will just worsen the economy’s heavy dependence on oil and gas.

The Labor-led government is poised to expand the scope of an exit tax on capital gains. The proposal, first revealed in March and due for parliamentary debate later this year, attempts to close a loophole exploited by an exodus of billionaires who have already moved to Switzerland to escape higher levies on their riches.