US EditionSwiss Voters Reject 50% Inheritance Tax on Wealthy
About 79% of Swiss voters opposed the tax, which targeted roughly 2,500 wealthy taxpayers to fund climate action projects, according to early results from public broadcaster SRF.
- On Nov 30, Swiss voters rejected a JUSO proposal to tax inheritances over 50 million Swiss francs, with public broadcaster SRF projecting about 79% voting against.
- The proposal originated with the Young Socialists , but Swiss federal government, Parliament of Switzerland, and Economiesuisse urged rejection, citing weak support from recent polls and broad opposition.
- Estimates put potential revenue at 4 billion francs, but analysts warned a 50% levy might reduce revenue through tax optimisation, while family offices and wealthy private individuals flagged uncertainty and possible capital flight.
- Bankers treated the vote as a litmus test for redistribution appetite, and UBS CEO Sergio Ermotti said `I hope it doesn't pass` as both the inheritance tax and compulsory national service extension failed.
- Consultants say the debate risks Switzerland's crown as Boston Consulting Group forecast it could lose its wealth-management sector this year, while Swiss Finance Minister Karin Keller-Sutter warned last month of reduced attractiveness amid domestic cost-of-living concerns.
85 Articles
85 Articles
Voters in Switzerland overwhelmingly rejected two initiatives in a referendum on Sunday. One proposed a 50 percent inheritance tax on the super-rich and another to expand compulsory civilian or military service for women. According to foreign media, about 84 percent of voters said no to the “civic duty” proposal, while about 79 percent voted against the inheritance tax initiative, according to initial estimates after polling stations closed at n…
A clear vote: new duties and new duties are hardly accepted. With what arguments the opponents asserted themselves.
In a referendum the Swiss clearly voted against a general duty of service for all and a new inheritance tax for large assets. 84 percent rejected the civil service, 79 percent also the inheritance tax. Both initiatives failed.
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