Switzerland this Sunday (30) overwhelmingly rejected a proposal for a 50% tax on inherited fortunes of 50 million Swiss francs (R$332 million) or more, with 78% voting against the plan, a result that exceeded even the two-thirds opposition indicated in polls.
Bankers closely watched the vote, seeing it as a litmus test of Switzerland’s appetite for wealth redistribution as other countries, such as Norway, raised their wealth tax or debated similar measures.
Switzerland is home to some of the most expensive cities in the world and anxiety about the cost of living has gained momentum in local politics.
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The proposal from the youth wing of the left-wing Social Democrats, or JUSOs, aimed to finance projects to reduce the impact of climate change. ‘The super rich inherit billions, we inherit crises’, they argued.
Critics of the initiative said it could trigger an exodus of wealthy people from Switzerland, reducing overall tax revenues. The Swiss government asked people to reject it.
