US EditionSwiss Voters Reject 50% Inheritance Tax on Wealthy
Swiss voters rejected a 50% inheritance tax on fortunes above CHF 50 million with 79% against, citing risks to the economy and capital flight, affecting about 2,500 taxpayers.
- On Nov. 30, Swiss voters rejected a 50% inheritance tax and a proposal for mandatory military or civilian service for women, with public broadcaster SRF reporting 79% and nearly 85% opposition respectively.
- The Young Socialists proposed the levy to fund climate-mitigation projects, targeting about 2,500 Swiss, roughly 0.03% of the population with inheritances above 50 million Swiss francs.
- Opponents warned the tax could trigger wealthy departures and reduce revenues, with Peter Spuhler threatening to emigrate, Economiesuisse opposing it, and UBS CEO Sergio Ermotti saying `I hope it doesn't pass`.
- Had it passed, the levy was projected to boost revenue by 4 billion francs, but the rejection preserves Switzerland's wealth-management sector with turnout at 1 and no canton majority.
- Competition and forecasts suggest Switzerland faces challenges from wealth centres in Asia and the Middle East, with direct democracy indicating future redistributive proposals will meet strong resistance.
144 Articles
144 Articles
The defeat for the promoters was in the air, but the size of the rejection is higher than expected. In Switzerland the proposal of a super tax on the successions of the wealthiest is...
In the referendum held this Sunday in Switzerland , there was a clear ‘no’ to the introduction of a inheritance tax for the rich . 78.3% voted against the proposal of the Young Socialists (Justo) to impose a 50% tax on inheritances exceeding 50 million francs (53.66 million euros), with the aim of allocating revenues to finance ‘the socially just fight against the climate crisis and for the necessary restructuring of the economy as a whole’. Acc…
Swiss voters have rejected a proposal to impose a 50 percent inheritance or gift tax on estates worth more than 50 million Swiss francs, or about 1.3 billion crowns. Even before the vote, which took place on the last day of November, some of the wealthy were considering leaving the country and moving their assets elsewhere. In the end, 78 percent of voters were against the proposal.
In a referendum, Swiss residents rejected a 50 percent federal inheritance tax on the ultra-rich, with a 79 percent majority. Many fear the measure would trigger an exodus of wealthy individuals, resulting in lower tax revenues.
Swiss Overwhelmingly Reject Inheritance Tax
“Swiss voters on Sunday overwhelmingly rejected a proposal to impose a 50 percent inheritance levy on the super-rich, in a contentious referendum that came as governments around the world wrestle with how to tax the wealthy,” the Financial Times reports. “The referendum, one of the most divisive in recent Swiss political memory, comes amid a global split between countries competing to lure wealthy families with fiscal incentives and those seekin…
In two referendums in Switzerland, an initiative to introduce a 50 percent inheritance tax on large assets of more than 50 million francs (53.6 million euros) was rejected. 78 percent voted against the regulation that should have financed climate protection measures. 84 percent voted against an initiative for a service obligation for women as well.
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