Sweden’s far left is heading into an election promising a billionaire wealth tax, a tax on expensive homes, and an exit tax if the rich try to leave.
Nothing has passed. Nobody has voted yet. Bloomberg says tax lawyers are already busy: foreign structures, new succession plans, and whether the company HQ should stay in Sweden at all.
Sweden already ran this for 96 years. By the 2000s, some $70 billion had been parked abroad. The tax brought in about 0.3% of revenue — a rounding error. They abolished it in 2007. Less than 20 years later, they’ve forgotten the lesson.
Wealthy people vote with their feet. A Plan B is not leaving. It is having an option if you ever need it.
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