this post was submitted on 24 Jan 2025
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TIL. Norway taxes oil companies 78% and we only take 5% royalties. (self.newzealand)
submitted 6 days ago by BalpeenHammer to c/newzealand
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That's why they are rich and we are poor I guess.

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[–] RangerJosey@lemmy.ml 12 points 5 days ago (1 children)

That's the primary reason yes.

We don't tax corps. We used to. Taxed them 70-95% I can't remember the actual number.

But that's what built the industrial powerhouse that won the cold war. Those high taxes could only be written off by reinvesting into the business. Hiring more people. Raising wages. Buying new equipment. Those high tax rates are what made it all work.

Without those you get Gilded ages like what both proceeded and have followed them. Because capitalism eats itself without a strong government hand at the tiller. Protecting it from itself.

[–] BalpeenHammer 1 points 4 days ago

We are only taxing profits FFS. If you want to avoid taxes invest in your people and equipment. higher salaries == less profits == less taxes