Switzerland categorically rejects a 50% tax on large inheritances. The proposal to “tax the super-rich” failed with 78% of the vote
Geneva, Switzerland. Photo: © Sam74100 | Dreamstime.com
Switzerland on Sunday overwhelmingly rejected a proposal to introduce a 50 percent tax on inherited wealth of more than 50 million Swiss francs (about $62 million). About 78 percent of voters voted against the plan, a result even more categorical than the two-thirds opposition indicated in the polls, notes Reuters.
The vote was closely watched by the banking sector, seen as a test of appetite for wealth redistribution in Switzerland as other countries, such as Norway, strengthened wealth taxes or discussed similar measures.
Switzerland is home to some of the most expensive cities in the world, and concern about the cost of living has become increasingly present in local politics.
The proposal, initiated by the youth organization of the Social Democratic Party (JUSO), aimed to finance projects aimed at reducing the impact of climate change. “The super-rich inherit billions, we inherit crises,” argued the initiators.
Critics of the initiative have warned that such a measure could cause the very wealthy to leave Switzerland, which would reduce overall tax revenue. The Swiss government urged voters to reject the proposal.
Photo: © Sam74100 | Dreamstime.com
