Swiss voters reject proposed tax on tremendous wealthy

Switzerland on Sunday overwhelmingly rejected a proposed 50% tax on inherited fortunes of fifty million Swiss francs ($62 million) or extra, with 78% of votes in opposition to the plan, an end result that even exceeded the 2‑thirds opposition indicated in polls.

Bankers have watched the vote intently, casting it as a litmus take a look at of urge for food for wealth redistribution in Switzerland, as different international locations, resembling Norway, have beefed up their wealth tax or debated comparable strikes.

Switzerland is residence to a few of the world’s most costly cities and anxiousness about the price of dwelling has been gaining forex in native politics.

The proposal from the youth wing of the leftist Social Democrats, or JUSOs, aimed to fund tasks to cut back the affect of local weather change. “The tremendous wealthy inherit billions, we inherit crises,” they argued.

Critics of the initiative stated it might set off an exodus of rich individuals from Switzerland, decreasing general tax revenues. The Swiss authorities urged voters to reject it.