Høyre Votes to Fully Abolish Norway's Wealth Tax

Norway's Conservative Party, Høyre, has voted to completely abolish the national wealth tax. At its annual national meeting held on Sunday, party delegates approved the proposal by a narrow margin of 158 votes in favor and 131 against. This decision represents a clear departure from Høyre’s earlier position, which had advocated only for the removal of the wealth tax on working capital, not on all forms of wealth. The initiative to eliminate the wealth tax entirely was put forward by Høyre’s Buskerud chapter. It was widely assumed that this issue would be addressed through the editorial committee’s alternative proposal. That proposal aimed to remove the wealth tax specifically on Norwegian-owned businesses and to increase the basic deduction threshold so that fewer individuals would pay wealth tax on fully paid-off homes and accumulated personal savings. This more limited approach did not secure majority support among the delegates. In 2024, the wealth tax generated total revenues of 38 billion Norwegian kroner. This amount corresponds to approximately 2.5 percent of Norway’s total tax income for the year. With the new resolution, Høyre now supports full abolition of the wealth tax rather than partial reforms or adjustments to existing deductions. The outcome reflects internal party dynamics and sets a clear policy direction ahead of future budget discussions.