Swiss Voters Overwhelmingly Reject Wealth Tax on Large Inheritances

Swiss voters have decisively rejected a proposed 50% tax on inherited wealth exceeding 50 million Swiss francs, with 78% voting against the initiative—an even stronger rejection than opinion polls had predicted. The proposal, seen as a major test of public appetite for wealth redistribution, attracted significant attention from the country’s powerful banking and finance sectors. Despite global discussions on taxing the ultra-rich, Switzerland’s electorate reaffirmed its historically cautious stance on such measures.

The initiative was put forward by the youth wing of the Social Democratic Party (JUSO), arguing that taxing the very wealthiest families would help fund climate-related programmes. Supporters framed the proposal as a way to address economic inequality and rising concerns around cost of living in some of the world’s most expensive cities. The slogan, “The super rich inherit billions, we inherit crises,” captured their message but failed to resonate widely with voters.

Opponents warned that the measure could drive wealthy residents out of the country, ultimately reducing tax revenue and weakening the national economy. Switzerland’s government also urged voters to reject the tax, emphasising potential long-term risks to financial stability and competitiveness. The outcome reinforces Switzerland’s long-standing reluctance to adopt aggressive wealth taxation, even as other European nations push similar debates forward.

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