Would you like your country to operate like Norway?
"Norway, which this year alone will enjoy a $44 billion budget surplus. The country has the 22nd largest proven oil reserves in the world and about 40-percent less oil is produced by that country, compared to Canada.
On top of massive government budget surpluses, Norway also has no foreign debt, and $634 billion set aside as a public savings fund. This fund, called the Government Sovereign Wealth fund - set up to collect oil and gas revenues - is projected to be worth $1 trillion by 2020 and currently holds more than 1-percent of all the world's equity.
To put it simply, Norway is rolling in the dough and their number one sector is oil and gas exploration, production and export.
There are many differences between Norway and Canada that can explain why Norway is so rich and Canada so relatively poor, but there is one huge difference that stands out amongst the rest: oil royalties. Royalties are the amount a government charges oil companies for being allowed to extract and sell the country's oil."
Read the full article here: http://desmog.ca/2013/02/28/if-canada-oil-rich-why-are-we-so-debt
@Xpatinasia "No. Evidently, you are ignorant about the amount of taxes Norway collects.' OK, references please. Please substantiate your claims with supporting documentation.
@garytoo "no wonder, Norway is so small, a country as large as the USA takes a lot of money to run. And remember if the USA, Britain, and France falls so does the whole world"
Fall to where. If a country can be materially self sustaining, food, clothing, shelter, energy, world financial crisis becomes irrelevant.
http://en.wikipedia.org/wiki/Norway#Economy
''Norwegians enjoy the second highest GDP per-capita (after Luxembourg) and fourth highest GDP (PPP) per-capita in the world. Today, Norway ranks as the second wealthiest country in the world in monetary value, with the largest capital reserve per capita of any nation.[72] According to the CIA World Factbook, Norway is a net external creditor of debt.[2] Norway maintained first place in the world in the UNDP Human Development Index (HDI) for six consecutive years (2001–2006),[5] and then reclaimed this position in 2009 and 2010.[15] The standard of living in Norway is among the highest in the world. Foreign Policy Magazine ranks Norway last in its Failed States Index for 2009, judging Norway to be the world's most well-functioning and stable country. Continued oil and gas exports coupled with a healthy economy and substantial accumulated wealth lead to a conclusion that Norway will remain among the richest countries in the world
Tax on "ordinary income"
Ordinary income (alminnelig inntekt), which consists of all taxable income (wages, pensions, business income, taxable share income and other income) minus deductions (losses, debt interest, etc.), is taxed at a flat rate of 28%. In 2010, the tax on "ordinary income" is split in a local tax (kommunale skattøre) of 12,80%, a regional tax (fylkeskommunale skattøre) of 2,65% and a tax to the central government (fellesskatt) of 12,55%.[11]
Deductions
Average tax rates on wage income for a person in Class 1 with only standard deductions, 2010
The current income tax system has two standard deductions: basic allowance (minstefradrag) and personal allowance (personfradrag).
The basic allowance is set as a proportion of the income with upper and lower limits. For wage income, the rate is 36% and the upper limit is NOK 72 800 in 2010. The lower limit is the so-called special wage income allowance (lønnsfradrag), which is NOK 31 800 in 2010. The basi
The basic allowance is set as a proportion of the income with upper and lower limits. For wage income, the rate is 36% and the upper limit is NOK 72 800 in 2010. The lower limit is the so-called special wage income allowance (lønnsfradrag), which is NOK 31 800 in 2010. The basic allowance in pension income is slightly lower than the basic allowance in wage income. In 2010, the rate is 26% with a lower limit of NOK 4 000 and an upper limit of NOK 60 950.[8]
I agree with Joseph, the common wealth, all the nations of the Queen's empire would do well to do the same.