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The Nordic model: 25 years of drawing the line between earned and capital income in Finland

that was not desirable in terms of the functioning of capital market and an efficient resource allocation. As a result of the internationalization of business and its financing, such harmful incentive effects were further exacerbated. The steering impacts of the non-neutral taxation of capital income had turned out to be increasingly negative in the overall economy. In the other Nordic countries, the challenges had been quickly addressed, that is, the countries had already shifted to a differentiated system. Government Proposal 200/1992 pp. 4–6. According to the

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