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martin pichlmair

@martinpi.bsky.social

627 Following2.1k Followers

🔥 making playful things
🐦‍⬛ he/him
🀄️ https://store.steampowered.com/app/3473440/Sparrow_Warfare/

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@jakemgrumbach.bsky.socialOct 9, 2026, 4:54 PMReposted by @martinpi.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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@martinpi.bsky.socialOct 11, 2026, 11:54 AM

You should all get in on this. Fantastic book!

@martinpi.bsky.socialOct 10, 2026, 9:55 PM

My first exhibition piece was based on a screen lying on the floor so I might be biased :D

@martinpi.bsky.socialOct 10, 2026, 8:00 PM

We're looping our stream on the page for the rest of the day/night. Enjoy bird nerds nerding out about birds. Play games with birds in them. Grow wings. Be free.

@martinpi.bsky.socialOct 10, 2026, 7:03 PM

Looks great! Good luck!

@martinpi.bsky.socialOct 10, 2026, 4:46 PM

The event is live and we're kicking off the stream in 15 minutes: store.steampowered.com/sale/BirdsOf...

@martinpi.bsky.socialOct 10, 2026, 1:25 PM

(And they all seem to point at a) surprisingly little productivity gains in practice and b) people getting used to being lazy very easily. But I think that's not a complete picture of the situation.)

@martinpi.bsky.socialOct 10, 2026, 1:23 PM

That all being said I'm happy about all these studies that try to understand the effect of this technology on individuals and organisations.

@martinpi.bsky.socialOct 10, 2026, 1:23 PM

The results and method are valid but I doubt this is very AI-specific. We humans tend to get used to tools quite easily and it's a different thing to have something taken away than to start out without it.

@martinpi.bsky.socialOct 10, 2026, 1:23 PM

They had participants first use AI to find answers and then took it away. I'm pretty sure my ability to do calculations would also go down if you give me a calculator for 10 minutes and then take it away instead of letting me do math by hand from the get-go.

@martinpi.bsky.socialOct 10, 2026, 1:11 PM

And our own brand-new Sparrow Warfare that I'm making with @alphachar.bsky.social. store.steampowered.com/app/3473440/...

@martinpi.bsky.socialOct 10, 2026, 1:11 PM

Ended up having two games in the festival itself (of the three bird games I've released in my life): Good old Secrets of Raetikon which still looks stunning thanks to the custom-written vector graphics engine we made at @brokenrulesgames.bsky.social. store.steampowered.com/app/246680/S...

@martinpi.bsky.socialOct 10, 2026, 1:11 PM

Kicking off our celebration of bird games tonight with a stream at 7pm where I will juggle bird game devs from around the globe *metaphorically, of course*.

@martinpi.bsky.socialOct 10, 2026, 12:02 PM

I truly hope that I will visit that lovely corner of France again soon. Clermant-Ferrand and Burgundy are both lovely so Lyon should go on my list too.

@martinpi.bsky.socialOct 10, 2026, 11:18 AM

You know I secretly went through Paris twice since we last met but both times only changing bus or train so I didn't tell anyone. Had a quick walk hunting for Space Invaders and some great Vietnamese food though which was nice. Next time I'll ping you!

@martinpi.bsky.socialOct 9, 2026, 1:59 PM

Well I guess the story that it's sold with is just too catchy for people angry at Adobe not to repost with glee

@martinpi.bsky.socialOct 9, 2026, 1:50 PM

I have browsed the whole article but since I'm not from the field I can only trust the thoroughness of their research and the conclusions of OP. There's little doubt about the capabilities of the models but a lot of doubt about how they are used in actual industry settings.

@martinpi.bsky.socialOct 9, 2026, 12:21 PM

I came for the compassion but staid for the thinly veiled criticism of our current form of capitalism's worst outcomes. And, yes, I miss more dignity in public discourse.

@martinpi.bsky.socialOct 9, 2026, 12:17 PM

One day. It was not _that_ embarrassing but still...

@martinpi.bsky.socialOct 9, 2026, 12:16 PM

That's not what the report is about

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