I disagree, the wealth tax is the issue. The reason the wealth tax is an issue, is that making investments becomes a burden. Norwegian owners have to pay 2.1% of the company value every year as a tax, and when you invest, it can take 5-10 years before you see profits. The calculation is like this: your company is worth 100 million. Your result this year was 0. No gains nor any loss. You still have to pay the wealth tax, and you need to take that money from somewhere. The wealth tax is 1.1% on personal assets. Which means you need to pay 1.1 million. You have to sell a share of your company assets to someone else. You will not get market rate, as you are the initiator for the transaction. We assume you sell assets worth 3 million for just 2.1 million. Now your company has a positive result of 2.1 million. Next is the company tax, 22% which means you have 1.638 million left to pay dividend. The dividend tax is 37.84% which means you as a person now get 1 million to pay the wealth tax.

The exit tax closed a loophole, I do agree that the exit tax needs some adjustments though.