Zurich, Switzerland – Swiss voters overwhelmingly rejected a proposal to impose a 50% tax on inheritances exceeding 50 million Swiss francs (equivalent to about 53.5 million euros).
The Swiss Broadcasting Corporation reported in an initial estimate
of the results that the percentage of those who voted against the proposal reached about 79%.
This underscores the widespread rejection of the initiative,
which was expected to fund programs to mitigate the effects of climate change.
A predictable defeat for the “JUSOs” proposal.
The proposal was put forward by the youth wing of the Social Democratic Party (JUSOs),
but rejection was widely expected;
Recent opinion polls have shown that more than two-thirds
of Swiss respondents oppose the proposed tax.
Although Switzerland is home to some of the world’s most expensive cities
and concerns about the cost of living are growing,
Bankers and experts watched this vote very closely.
They described it as a crucial test of Switzerland’s willingness to redistribute wealth.
Fears of wealthy emigration
Switzerland’s rejection of the initiative contrasted
with that of other countries such as Norway.
Which have raised or are openly discussing raising taxes on wealth.
Critics of the initiative included the Swiss government,
which called on Swiss voters to reject it.
They warned that passing this tax could lead to
an exodus of wealthy people from Switzerland.
This will ultimately lead to a reduction in the country’s total tax revenues.
