Saxo Millionaire’s Plan to Cut Danish Taxes Lies in Tatters (1)

Lars Seier Christensen, a Danish multimillionaire who co-founded Saxo Bank and owns the nation’s best restaurant and a piece of its top football team, suffered a rare reversal in trying to shape his country’s politics.

The 56-year-old Swiss resident’s Liberal Alliance Party is committed to reducing the tax burden in Denmark, the second-highest (after France) in the OECD club of rich nations. That dream all but died June 5, when voters ejected the governing center-right coalition of which Christensen’s group was a part.

The swing to a government pledging more taxation, not less, adds fuel to the debate about ...