Money

Inequality - Norway’s wealthiest have faced a wealth tax ever since 1892, and, over the generations since then, no nation in the world has taken taxing wealth as seriously. But that tradition came under a direct challenge just over a decade ago, in 2013, when a new conservative government came into power. Over the next eight years, that government set about cutting Norway’s richest some slack at tax time. This conservative government, under prime minister Erna Solberg, trimmed down Norway’s wealth tax, eliminated the nation’s levy on inheritances, and slashed the tax rate on incomes. The predictable result: Norwegians with the greatest wealth, a Statistics Norway analysis found, saw the greatest gains.

“The richest have been given 100 times more in tax cuts than the lowest-paid under Erna Solberg,” the Norwegian Labour Party’s Hadia Talik would charge. “If you want less inequality, tax policies have to be distributive. That’s the fairest way and gives a better basis for the country to create value.” In the 2021 elections, voters would agree. The center-left government they voted into power that year moved quickly to reverse the Conservative Party’s rich-people-friendly tax cuts. By 2023, the top wealth tax rate on Norway’s largest fortunes had risen from 0.85 to 1.1 percent, just one of a number of moves that distinctly displeased many of Norway’s richest, among them the industrialist Kjell Inge Røkke. Midway through 2022, Røkke announced he was moving to Switzerland. Other rich Norwegians would follow Røkke out. By 2022’s close, over 30 of Norway’s richest had departed, more wealthy emigres than Norway had seen over the previous 13 years combined. But that exodus would only strengthen the resolve of tax-the-rich progressive lawmakers.

Consumer Affairs - As they say, the devil is in the details. Just ask the Consumer Financial Protection Bureau. The agency has issued a circular cautioning consumers that financial institutions such as debt collection companies, student loan servicers, and mortgage originators are using the fine print tactic to try to trick them into believing they have given up certain legal rights or protections.  The agency also put its foot down, telling those companies that they’ve got eyes on them. “Federal and state laws ban a host of coercive contract clauses that censor and restrict individual freedoms and rights,” said CFPB Director Rohit Chopra. “The CFPB will take action against companies and individuals that deceptively slip these terms into their fine print.”