Rich face plans for higher taxes

Voters will have the final say on a proposal by the centre-left Social Democratic Party to introduce minimum tax rates for the rich.

This content was published on May 6, 2008 minutes

The necessary signatures required for a nationwide ballot were handed in to the federal authorities in Bern on Tuesday.

The Party's president, Christian Levrat, said that in future families with children should reap the benefit of the tax system and not the rich.

"We want an end to tax gifts and privileges for the very rich," he said.

The people's initiative, backed by 118,852 signatures, is calling for minimum tax rates for those people on high wages or with a high personal wealth.

In particular, it demands a 22 per cent tax on annual income of more than SFr250,000 ($238,777).

However, the Swiss Business Federation warned the plan would jeopardise the country's competitive edge by ending the tax autonomy of the country's 26 cantons.

In February voters approved a parliamentary proposal for corporate tax breaks despite opposition by the Social Democrats.

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