Swiss vote: taxing the rich to save the planet?
On November 30, the Swiss will vote on an initiative which proposes a 50% inheritance tax on fortunes exceeding CHF50 million ($63 million). The goal is to use the generated funds to finance the country's green transition and combat climate change.
Proponents argue this is a matter of climate justice, stating that the wealthiest individuals have a larger carbon footprint and should contribute more to environmental solutions. They estimate the tax could raise billions for sustainable projects.
However, opponents, including the federal government, warn the tax could drive entrepreneurs and their capital abroad. They fear this would ultimately lead to a net loss in tax revenue and jobs, harming the Swiss economy as a whole.
Read our full explainer to understand all the arguments.
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