September 19, 2021

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Wealth Tax, Better Stordalon |  Stortalen's proposal on the wealth tax leather braid:

Wealth Tax, Better Stordalon | Stortalen’s proposal on the wealth tax leather braid:

Startlen spoke fondly of Norwegian politicians and snorted at the wealth tax – now he gets a thirsty response to the indictment.

During an event in Arendalsuka on Monday, the hotel king and multi-millionaire Better Stordalan went Against those who are harsh critics of the wealth tax, Which has become a hot potato during the election campaign.

Stortell made it very clear that the wealth tax was completely irrelevant to him.

– Then there will be a very small discussion, the hotel king shouted and pointed the small distance with his fingers.

When making Choice chain decisions, they don’t think a bit about taxes, but they do think a lot about what they’re going to generate, Stortelon said, and then discusses how low taxes are paid to technology companies like Google and Facebook.

– I think many people agree that we need to have a new and more stable capital, which is not about who pays less or more taxes, but the real tax, Stortalen said.

– This is utter nonsense

Capitol Magazine calculated in 2020 His real assets are 16 billion, But most of the wealth is passed on to children (which is included in Capitol’s estimates).

Since most family values ​​are in unlisted companies, tax assets may be lower than those in listed companies. In addition, there are huge discounts on the wealth tax for real estate investments.

Investor and broker John Better Sissner was not impressed by Stortalen’s statements about the wealth tax.

– This is utter nonsense! This falls on its own unfairness, says Sistner, who believes Stortellon is leaving cheaply because of the tax rules:

– Before Corona, Stordalon had a NOK of 26 billion. If he had been taxed like everyone else, he would have lost his businesses by about 650 million NOK to pay the 325 million wealth tax. Is this a small change? Cissner says.

Ole James-Onstadt, professor of tax law in the legal field at the BI Norwegian School of Management, responds to Stortalen’s report on property taxes.

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– It is difficult to take as a serious statement about the consequences of the wealth tax, he pays a small amount in the wealth tax and says it is not a problem. You can’t take it as a witness to the truth about the consequences of the tax, he tells Netavision.

Also read: The tax professor believes that the wealth tax will not destroy Norway’s ownership

– Better bankrupt!

Sissener classifies the wealth tax increase outlined by the Labor Party in the election campaign as very negative for Norwegian business.

– It’s absolutely devastating. The proposed 1.25 per cent wealth tax, a progressive system above, means that the cost of capital increases by 2.5 per cent. There can be no cost reduction of 2.5 per cent per annum in the restructuring process.

We need to increase dividend tax or income tax, so everyone will have equal conditions, Cissner believes:

If the rules were the same for everyone, Stortell would have to pay the tax, and a foreign group would not be able to withdraw. Peter would have gone bankrupt if his hotel business had exposed competition as a listed company.

According to Cissenner, various discounts are very sloping, especially when real estate investors are exempt from the wealth tax cheaply, the broker believes.

– Everyone who has money in real estate gets a huge discount on the wealth tax.

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– Thanks for the Corona support?

Gjems-Onstad, with strong praise from Stortalen politicians, wonders if he is trying to gain political advantage, rather than say something serious about the wealth tax.

Instead of reading what he says in support of the wealth tax, the professor says one can ask for thanks to the broad public support during the Corona crisis.

As mentioned, Capitol Stortalen’s real wealth was estimated at NOK 16 billion last year, and part of the fortune will be passed on to his children. According to Gjems-Onstad, we do not know if Stortell thought about the wealth tax when transferring some wealth to children, but he points out one thing:

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– In some other rich families, the wealth is transferred to the children, and then they leave, he says.

Although James-Onstadt believes that wealth may be scarce now due to the epidemic, he says he has a lot to say about how much he pays on the wealth tax, including Starleton’s real estate investments and all his hotels.

If there are values ​​in the listed companies, Stortell would have to pay about NOK 74 million wealth tax with NOK 16 billion in wealth. So it is very important to have investments in real estate, he says.

– Dramatic difference

Because you pay 0.85 percent on the wealth tax, but shareholders have a 45 percent share discount, the professor says.

This means that if your values ​​are invested in stocks – the result is that you pay 0.46 percent in wealth tax, he says.

Gjems-Onstad explains that the shares of listed companies are set at market value, something you see in the stock market, you get a wealth tax on the total value.

On the other hand, if you invest in shares of real estate or unlisted companies, the value can vary considerably and be much lower than the market value, the professor points out. This is because tax values ​​are used.

– There is a dramatic difference in the property value of the listed and unlisted company, he points out.

Gjems-Onstad explains that values ​​can actually be much lower than values ​​when not invested in listed companies. The professor points out that intangible assets such as the Stardalon brand are calculated as part of the property value of the listed company.

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– Other things are very important

Startelon believes the criticism is a bit misleading:

– It is not about whether the wealth tax is high or low. I believe the topic of the wealth tax in public discourse has taken too long, and there are still many important issues to talk about all the time, says Startlan in a text message to Netavision.

However, James-Onstad believes that the wealth tax appears to play a key role for some businesses when choosing something not listed on the stock exchange.

– The opportunity to raise capital is weak, but wealth tax savings can be considered very important. Many large Norwegian companies are not listed on the stock exchange, Gjems-Onstad explains.

– An interesting calculation

The tax professor also points out that many claim that the wealth tax does not lead to harmful immigration. However, he says many countries have precisely abolished the wealth tax to prevent the relocation of important value creators.

– It is unfortunate that key figures are leaving. But other countries in Europe have no wealth tax, or it is much lower than Norway – like Switzerland, Norway is currently out of the debate, he says.

– This is an interesting calculation. If Stortell pays NOK 74 million a year, it will be more than NOK 202,000 a day. You don’t need to “research” to assume that these types of numbers can create restlessness in the legs, not least when you go to Stromstadt, says James-Onstadt.

It is clear that every day there is something to think about whether you can save so much, the professor points out.