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hagaetc.eth
@hagaetc
So I tried to build a tech company from Norway and here’s what happened: 1. Two years of building without almost any money/funding, better part of a year without salary 2. Raise VC and become one of Norway’s first unicorns 3. Face unrealized gains wealth tax bill of many x my annual net salary. ofc the company is loss making and all the investors have preference shares so I can’t take out any money. 4. Call out publicly that this does not make sense. Independent of level, taxation needs to happen when you actually make money. 5. I move to Switzerland because no politician cares/listens. 6. I still don’t get any tangible and sensible answers to my criticism of unrealized gains tax, BUT I do get put up on the “wall of shame” at the socialist parties offices… I’m Norwegian and I love Norway but the socialist politicians are taking the country down a dark path. It’s a real life Atlas Shrugged.
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Alex Svanevik 🐧
@ASvanevik
Here’s how insane things have gotten in Norway: The Socialist Party has a “wall of shame” in their office with “rich people who have left Norway” - due to the outrageous taxes they’re now being charged. Who do you find on that wall? Startup founders like @hagaetc - who was
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David Watson 🥑
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Niels Hoven 🐮
@NielsHoven
I’ve been back to Norway several times to visit family, and my impression is that Norway is like the trust fund kid of countries. The sovereign wealth fund lets you afford an idyllic lifestyle without having to think about how to be productive or earn money. You throw money at
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Jonatan Pallesen
@jonatanpallesen
Here in Denmark I know an early contributor to successful startups (Unity and more). One year their stocks rose, and the next they fell. This left him with a tax burden much larger than his wealth. He is now a million dollars in debt for doing this successful work.
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No try = no fail
@StillTr05207382
I usually think of my cousins back in the old country as pragmatists, but this is a depressing counterexample. And the fact that the idea of such a tax has been floated by Democrats in the US is alarming.
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José Luis Landabaso
@landabaso
A map that predicts where the next Google or Facebook won't be built. Not that Europe is building much these days anyway, but yeah. Now, add in all the EU regulations companies have to navigate...
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Manpreet Singh
@manpreets7
Crazy story. If Norway wants to be even a small tech innovation hub, it needs to not just go easy on taxes but to incentivise startups and entrepreneurs. The net effect would likely be a much larger pie for all in the country.
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David Galbraith
@daveg
And even Switzerland has no equivalent of a US 409a to discount options based on their risk/illiquidity/order in the pref stack.
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Saggezza Eterna
@FinalTelegraph
🇺🇸 This is the epitome of socialist madness! Here's a man who tried to innovate, create jobs, and contribute to Norway's economy, only to be punished for his success by a system that doesn't understand basic economics. The unrealized gains tax isn't just a bad policy; it's an
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Mike Mehanig
@MehaniG
Thanks for a speaking up. As a person living in Norway, this truly concerns me and I unfortunately don’t see a future here if I am going to build a startup.
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ROETrading
@ROETrading
Under this sort of tax system, isn’t there a way to just not have your company increase in value so there is no unrealized tax. Private company right?
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JoΞ Lallouz
@JoeLallouz
I remember we chatted about this right after that big fundraise. It’s insane that you ended up having to leave. Embarrassing for them that they shame you on top of it.
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American Desi Anonymous
@AmrikanDuckAnon
This doesn’t sound true. Unrealized cap gains tax was one of the most brilliant ideas
@KamalaHQ
had proposed. And several registered republicans like myself were on board that idea because we cannot afford to have so many migrants without homes or healthcare.
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Faraz Khan
@faraz_r_khan
What is unrealized gains tax a real thing in the world? Who would approve such a thing? Now I’m legit scared since they’ve been proposing that in the US too!
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AJoschaK
@Adjoku0
I love that you to reference Ayn Rand. It feels to me that Europe is quickly becoming a messed up crossover episode of Atlas Shrugged and George Orwell's 1984. Dystopian reality in 2024
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Eino Mäkitalo
@emakital
They should start taxing children who are doing well in school since they are likely to succeed and gain some property in the future.
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Cryptonary
@cryptonary
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Ole Lehmann
@itsolelehmann
Sorry you had to go through this. Stories like this is why I wrote this thread
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Ole Lehmann
@itsolelehmann
I'm German. 16 years ago, the EU and US economies were neck and neck. Today, the US economy is 50% larger than the entire EU combined. Here's the devastating truth behind Europe's ongoing economic suicide 🧵:
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Martin Uetz
@MartinUetz
Unrealized literally means not converted to money. How can the money then be taken by the government? Welcome to Switzerland where as a private individual you have 0 realized capital gain tax
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J Sam🌐
@JaicSam
just leave , you made a good decision tell all your friends to leave also thats the freemarket principle
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Alex Becker 🍊🏆🥇
@ZssBecker
It shocking. Who do these politicians think they work for? It seems they think we work for them. FUCK these people and their backwards socialist ideology.
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OmegaFive
@OmegaFiveOG
This guy is right! Don’t come to Norway
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Sindre Wiig Nordby
@sindrewino
«Dont come to Norway» Norwegian entrepreneurs message to entrepreneurs considering coming to Norway. Goes viral on LinkedIn. 450.000 views in the first 48 hours. Unusually high for LinkedIn. Creator: Christer Dalsbø
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