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Will Jennings📉🗳️

@drjennings.bsky.social

5.3k Following64.5k Followers

I research and write about politics, public policy, public opinion, polls, elections, geography, place, trust. I run on espresso.

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@jakemgrumbach.bsky.socialOct 9, 2026, 4:54 PMReposted by @drjennings.bsky.social

New working paper: the Norwegian wealth tax was a huge success. The "exodus" of wealthy people never happened (less than 100 individuals left). Tax revenue increased by 71.5%. No changes in business activity or investment.

www.nber.org/papers/w35854

Taxing Entrepreneurial Wealth: Evidence from
Norway, 2021-2025
Marius A. K. Ring
WORKING PAPER 35854|
DOl 10.3386/w35854
ISSUE DATE October 2026
Whether imposing higher taxes on business owners adversely affects business activity by constraining investment and inducing capitalist flight is a central question in the ongoing debate on how to tax the ultra wealthy. To shed new light, I exploit a series of related Norwegian reforms during 2021-2024 that increased dividend tax rates, removed migration-related capital gains tax loopholes, and nearly doubled the effective marginal tax rate on business wealth. These reforms spurred international debate and, allegedly, an "exodus" of Norwegian billionaires (Financial Times,
2023). While I document clear effects on migration, these responses are concentrated among the top 0.1% of the wealth distribution and mostly confined to 2022 and 2023. My results indicate that at most 100 individuals left due to the reforms. I find no evidence of significant outmigration or reduced inflows of startup founders or inventors. I estimate that absent any outmigration, wealth tax revenues would have increased by 75% from 2021 to 2024. Reform-driven outmigration lowers the revenue gain to 71.5%. My findings further show that outmigrating owners' firms remain economically active and do not reduce investment. In a broader set of analyses, I examine whether business outcomes are affected, regardless of whether owners outmigrate, since firms may reduce investment both due to liquidity constraints or distortions to owners' savings decisions. I compare firms owned by Norwegian individuals subject to the wealth tax with firms owned by foreigners and other tax-exempt entities. By merging historical ownership data from Orbis with the Norwegian shareholder register, I perform these analyses on both Norwegian and foreign-domiciled firms.
Across settings, I find no evidence that Norwegian-owned firms pay out more dividends or invest less after the reforms,…
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@samfr.bsky.socialOct 10, 2026, 8:00 PMReposted by @drjennings.bsky.social

Average Labour lead now almost 5 points ahead of Reform....

@sundersays.bsky.socialOct 10, 2026, 7:22 PMReposted by @drjennings.bsky.social

Opinium/Observer (7th-9th October fieldwork) has these party standings + leader approval results. 🌹 LAB 29% (-1) ➡️ REF 23% (-2) 🌳 CON 20% (+3) 🌍 GRN 9% (-2) 🔶 LD 9% (n/c) 🌹 Burnham +8 (n/c) 🌳 Badenoch 0 (n/c) 🔶 Davey -6 (n/c) ➡️ Farage -26 (-4) 🌍 Polanski -29 (-7)

@christabelcoops.bsky.socialOct 10, 2026, 12:18 PMReposted by @drjennings.bsky.social

Thoughts on Holborn & St P: Not ideal Green territory. May's locals were a Labour-Green toss-up here, so with Labour's position improving under Burnham, a fairly comfortable hold was to be expected. But it means that in the places where the Greens actually beat Labour in May, they remain a threat.

@drjennings.bsky.socialOct 9, 2026, 8:46 PM

I don't think you need me to invite you :) depending on the conference!

@drjennings.bsky.socialOct 9, 2026, 11:22 AM

Anand and UKICE have done remarkable work and made a huge contribution to public life. I'm not sure how he has found the energy to keep going, or the character to avoid going as mad as British politics. Proud to call Anand a friend and look forward to what comes next.

@drjennings.bsky.socialOct 9, 2026, 11:21 AM

Now I have to say nice things twice - asking a bit much!

@tpgroberts.bsky.socialOct 9, 2026, 9:55 AMReposted by @drjennings.bsky.social

Honestly love every detail here

There have been other politicians called Hitler. In 2018, also in Peru, Hitler beat Lenin in another mayoral race for the district of Yúngar, when Hitler Guesclin Alba Sánchez defeated Lenin Vladimir Rodríguez Valverde.

“I’m the good Hitler,” Alba told broadcasters on the campaign trail, local media reported.

In Namibia, Adolf Hitler Uunona last year won his fifth local election in a row. “As a child I saw it as a totally normal name,” he told the BBC.
@youngvulgarian.marieleconte.comOct 9, 2026, 9:25 AMReposted by @drjennings.bsky.social

oh my god I was going to joke "he's actually centre-left" and turns out he IS

@drjennings.bsky.socialOct 9, 2026, 10:21 AM

Binface?

@drjennings.bsky.socialOct 9, 2026, 10:20 AM

I think it leads some people to assume you can simply reallocate voters within the bloc when I don’t think that’s entirely true (there are interdependencies of course).

@drjennings.bsky.socialOct 9, 2026, 10:19 AM

Thank you for your feedback Mar Pac

@path-dependent.bsky.socialOct 9, 2026, 10:13 AMReposted by @drjennings.bsky.social

Dozens of local Facebook uncles are in the comments talking about burqas and two-tier justice. We may all have our own views on the policy, but what do these people want? It's a Reform council attempting to deal with an issue in a back-to-basics-no-nonsense style and they still aren't happy.

@drjennings.bsky.socialOct 9, 2026, 10:01 AM

For example, there are a portion of Reform voters who are simply never going to vote for the Conservatives, and some Greens who will never vote Labour.

@drjennings.bsky.socialOct 9, 2026, 10:00 AM

All parties face the challenge of keeping “cross-pressured” voters on board. Importantly, analysis should never simply reallocate voters from one party on the left or right to other parties in the same bloc.

@drjennings.bsky.socialOct 9, 2026, 9:57 AM

The Greens have to balance a coalition of their newer radical left and more longstanding socially liberal voters who are more interested in environmental issues than foreign policy.

@drjennings.bsky.socialOct 9, 2026, 9:44 AM

Labour, while bouncing back under Burnham, still have to perform the balancing act of securing support of voters who have switched to the Greens (and Lib Dems) but also can't ignore the threat from Reform and voters concerned about more socially conservative issues.

@drjennings.bsky.socialOct 9, 2026, 9:42 AM

Reform/Nigel Farage are highly polarising, so as long as he is leader will likely sustain a fair level of support but also turn off a large number of voters. The Conservatives are still suffering from damage to their reputation in government and are just not trusted by many Reform-friendly voters.

@drjennings.bsky.socialOct 9, 2026, 9:37 AM

The 'bloc politics' idea has been useful in thinking about British politics lately but it tends to distract from the pretty clear ceilings on support for each of the parties...

@drjennings.bsky.socialOct 9, 2026, 9:20 AM

Can't believe Donald Trump missed out on the Nobel Peace Prize again. There's always next year, I guess...

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