Young Socialists demand inheritance tax on ‘super rich’

Initiators says the tax could, among other things, finance the renovation of buildings to make them more sustainable. © Keystone / Christian Beutler

The wealthiest in society “must pay for the fight against the climate crisis”, said the group on Thursday as they handed in over 140,000 signatures for a people’s initiative.

Launched in August 2022, the “for the future” initiative calls for a 50% tax on inheritances over an exempt amount of CHF50 million ($57.3 million) to help finance the ecological transformation of the Swiss economy.

+ People’s initiatives and referendums: how Swiss direct democracy works

The Young Socialists – the youth wing of the country’s left-wing Social Democratic Party – says the strategy is the “socially equitable financing of climate protection”, and argues that the richest people are largely responsible for the climate crisis.

According to its calculations, the tax would bring in around CHF6 billion a year, which would be used by federal and cantonal authorities to renovate buildings, develop renewable energies or boost public transport, for example.

In addition to party members and supporters, Social Democrat parliamentarian Christian Dandrès – also president of the Union for Public Service Workers – and a climate activist were present at the signature deposition at the Federal Chancellery in Bern.

Translated from French by DeepL/dos

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