Swiss government rejects proposed super-rich inheritance tax

Switzerland’s government has rejected a proposal to jack up inheritance taxes on the super rich, diminishing the chances of the plan passing in a national vote. +Get the most important news from Switzerland in your inbox It was responding to a submission by the Young Socialists political group earlier this year to slap a 50% levy on inheritances above CHF50 million ($56 million) to raise money for tackling climate change. The final decision will be made by voters in a ballot that has yet to be scheduled. In a statement on Friday, the government said the higher taxes would damage the country’s reputation and potentially cost more revenue than they would raise. While the Young Socialists managed to collect more than 100,000 signatures — the bar to trigger a plebiscite — the proposal also sparked multiple warnings from business-owning multi-millionaires and billionaires that they would relocate if it was introduced. Citing a study for the tax authorities, the government said the new ...