A $10M business sale in California costs 12 years of Norway's wealth tax
Same $10 million, 2026 law: one state bill at closing against Norway's wealth tax every year.
By Hans Goldstein, Enrolled Agent, admitted to practice before the IRS ·
On a $10 million business sale a single California seller owes $1,300,185 in state tax. Norway's 2026 wealth tax on $10 million of cash is $105,710 a year. California's one-time bill equals 12.3 years of Norway's tax. Six more jurisdictions are at 8.8 years or more. Computed October 18, 2026.
| Rank of 51 | State | State tax on a $10M business-sale gain | Years of Norway's wealth tax |
|---|---|---|---|
| 1 | California | $1,300,185 | 12.3 |
| 2 | Minnesota | $1,069,305 | 10.1 |
| 3 | District of Columbia | $1,059,025 | 10.0 |
| 4 | New Jersey | $1,042,074 | 9.9 |
| 5 | New York | $1,030,000 | 9.7 |
| 6 | Oregon | $988,244 | 9.3 |
| 7 | Washington | $933,478 | 8.8 |
What Norway charges
Norway taxes net wealth every year. For 2026 the combined rate is 1.0% (0.65% state plus up to 0.35% municipal) on net wealth above NOK 1.9 million for a single person, and 1.1% on wealth above NOK 21.5 million (Skatteetaten, Storting tax resolution 2026).
Converted at Norges Bank's 9.4410 NOK per dollar on October 16, 2026, $10 million is NOK 94.41 million, and the tax is NOK 998,010, or $105,710 a year. We count the $10 million as cash, which is not discounted. Norway values some assets, such as the family home and shares, below market value.
What a US state charges at the closing table
The state side is a single bill when the sale closes. The Exit Tax Map models a single filer selling the assets of an operating business owned over five years, with all gain long-term and 2026 law. On $10 million of gain that is $1,300,185 in California, $1,069,305 in Minnesota and $0 in 10 states.
Federal tax and the 3.8% net investment income tax come on top in every state, and are the same everywhere. Every state rule is dated and linked on the Exit Tax Map.
Why compare them
Norway is the usual symbol of a high-tax country, and its wealth tax is the one people argue about. Sized against a state sale tax on the same $10 million, a year of it is small, and the state tax lands all at once.
This is not a claim that Norway is cheaper. Norway also taxes income and gains, with a 37.84% rate on share income in 2026, and it taxes leaving: the exit tax applies to unrealised gains above a NOK 3 million basic deduction.
Civita, a Norwegian think tank, counted 261 residents with more than NOK 10 million of assets leaving in 2022 and 254 in 2023, more than double the earlier pace, as reported by Reuters on November 24, 2025. US citizens owe US tax wherever they live.
Three dates to put in writing before a sale
General education, not advice for your situation.
- The date your state of residence changes. State rules differ on when a move changes who taxes the gain, so ask your CPA to state the rule for both states in writing.
- The date the purchase agreement is signed and the date it closes. Which tax year and which year's law applies can turn on one or the other.
- The dates the money arrives. Gain on a sale paid over several years is generally taxed as payments are received (IRC 453), so the schedule can change which year each dollar is taxed.
To see your own state and sale size, use the What You Keep calculator or the full Exit Tax Map. Download the table: CSV.
Questions
How much is Norway's wealth tax on $10 million?
For a single person in 2026, about $105,710 a year if the $10 million is cash: 1.0% above NOK 1.9 million and 1.1% above NOK 21.5 million, converted at Norges Bank's 9.4410 NOK per dollar on October 16, 2026.
How does that compare with a US state's tax on a business sale?
California's state tax on a $10 million business-sale gain is $1,300,185, which equals 12.3 years of Norway's wealth tax on the same amount. Washington is $933,478, 8.8 years.
Does this mean Norway is cheaper than the United States?
No. It sizes one rule against another. Norway also taxes income and gains, and charges an exit tax on people who leave. US citizens owe US tax wherever they live.
Where do the state numbers come from?
From the Exit Tax Map, which models a single filer's asset sale of an operating business owned over five years, with every state rule dated and linked to the state's own source.
Sources and dates
- Big Sale Tax Exit Tax Map, state rules checked October 18, 2026.
- Skatteetaten, Forskuddsutskrivingen 2026, wealth-tax rates and allowance for income year 2026.
- Skatteetaten, exit tax, NOK 3 million basic deduction on moves from March 20, 2024.
- Norges Bank exchange rate, USD/NOK 9.4410 on October 16, 2026.
- Reuters analysis, "Norway's lesson for Europe on wealth taxes: let some millionaires go", November 24, 2025, citing Civita.
Assumptions: single filer; state figures are the Exit Tax Map's asset-sale model with no local taxes; Norway figure is the 2026 state and municipal wealth tax on cash, before any valuation discount, deduction or tax treaty effect. Computed October 18, 2026.
Hans Goldstein is an Enrolled Agent, admitted to practice before the Internal Revenue Service. Not affiliated with or endorsed by the IRS. He is not a CPA or attorney. Education only, not tax or legal advice for your situation.