Swiss voters have overwhelmingly rejected a 50% inheritance tax on millionaires, with more than 78% voting no in a national referendum. The measure, aimed at assets over 50 million francs (about $62 million), was designed by the Young Socialists to fund climate initiatives, but it gained little traction outside the political left and failed to win a majority in any of the country's cantons, per Bloomberg. Turnout was 43%. Opponents, including the Swiss government, argued the tax would drive wealthy residents and entrepreneurs out of Switzerland, ultimately reducing tax revenues. High-profile business figures, like Stadler Rail's Peter Spuhler, publicly threatened to leave the country if the measure passed.
Finance Minister Karin Keller-Sutter said voters had rejected a "risky fiscal policy experiment," which would've "thrown our tax system out of balance" and "damaged Switzerland's attractiveness." According to the Telegraph, "other low-tax hubs such as Dubai, Abu Dhabi, Hong Kong and Singapore" are trying to lure wealthy residents from Switzerland, which already has wealth taxes. The richest 0.03% of the population, some 2,500 people, would've been hit by the tax, though critics said that if such people were to leave the country, any proceeds from the tax would evaporate. Bloomberg notes Swiss citizens "have repeatedly sided with business interests," voting to reject "stricter emission limits, more mandatory vacation days and a national minimum wage" in recent years.
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