US Fiscal Debate Could Learn From Norway

Halsnoey2006

Insel Halsnøy, Norway

By Mark Provost in The Progressive Press

If Washington sincerely wants to reduce the budget deficit and national debt while protecting the broader economy, it should learn from other nations which have succeeded. One country stands out: Norway.

Norway has the largest budget surpluses in the developed world, no net national debt, citizens enjoy a robust safety net, and unemployment is below 3%. (1) (2)

What is Norway’s secret, other than refusing to join the European Union?

Norway’s overall tax as a share of GDP is among the highest in the OECD–for corporations, it is the highest. Norway’s corporate tax revenue as a share of GDP is above eight percent—the highest in the world and four times higher than the US. (3) By comparison, the US is the third lowest taxed country and the second lowest for corporations. (4) In other words, if a US company sought lower tax rates by relocating to another country, as they regularly threaten, there is only one country in the world they could go: Iceland. (5) Contrary to the myth of job creators, high rates have not crippled Norwegian entrepreneurs. In fact, Norway produces more successful business start-ups than the US. (6)

Read more at The Progressive Press

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Categories: Economic policy, Economics, Europe, Norway, Opinion/Editorial, Political commentary, Politics

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1 reply

  1. Ah, yes, but Americans have an absolute hatred of Taxes, since the beginning. “no taxation without representation”. They are fine with what they view as benefits being paid for but when it comes to benefits they don’t understand or are perceived wrongly, there they go.

    However, it is the Representation that has become the problem. The Representation has become a PR for re-election and they have no qualms about not explaining, fail to explain or outright lie about the benefits of taxation. The other sorry fact is that the media has failed to address the issue. They seem to be more enamored with making money for their own benefits than doing what a Free Press is suppose to do, explain the Four Sisters …when, where, how and why of taxation.

    They give it out in dribs and drabs. Occasionally, actually becoming factual about the issue.

    Liked by 1 person

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