Swiss to Vote on 50% Inheritance Tax for Super-Rich in November

(Bloomberg) — Swiss voters will decide in November if the country should inflict a large inheritance tax on the estates of very rich people.

The Young Socialists are pushing for a plan to let the state take half of all assets above 50 million francs ($63 million) passed on after death. A group known as Juso collected 100,000 signatures in favor of the proposal, which aims to use the proceeds to fund measures combating climate change.

While parliament and the government are against it, the rules of Swiss direct democracy now require that a plebiscite must be held on the plan. This will take place on Nov. 30, the government said on Tuesday.

Switzerland has long been known as a haven for the world’s rich, and has recently seen an influx of affluent individuals fleeing the UK’s crackdown on preferential treatment for so-called non doms and Norway’s wealth taxes.

Critics of the Swiss initiative fear a reversal of that dynamic if it wins enough votes, setting up the country for the loss of high-contributing taxpayers. An alliance of parties from the middle to the right of the political spectrum is campaigning against the plan.

“The brutal 50% inheritance tax threatens the existence of family businesses and causes high economic costs,” said that group in a statement. “It’s a setback for everyone.”

–With assistance from Levin Stamm.

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