Switzerland on Sunday clearly rejected a proposed 50% tax on inherited fortunes of 50 million Swiss francs ($62 million) or more, public broadcaster SRF said in a first results estimate, with an expected 79% of votes against the plan.
Geneva, Switzerland © Mena Today
Switzerland on Sunday clearly rejected a proposed 50% tax on inherited fortunes of 50 million Swiss francs ($62 million) or more, public broadcaster SRF said in a first results estimate, with an expected 79% of votes against the plan.
The proposal from the youth wing of the leftist Social Democrats, or JUSOs, aimed to fund projects to reduce the impact of climate change, was widely expected to fail, with over two-thirds of respondents against the proposed tax in recent polls.
Bankers have watched the vote closely, casting it as a litmus test of appetite for wealth redistribution in Switzerland, as other countries, like Norway, have beefed up their wealth tax or debated similar moves.
Switzerland is home to some of the most expensive cities on the planet and anxiety about the cost of living has been gaining currency in local politics.
Critics of the initiative said it could trigger an exodus of wealthy people from Switzerland, reducing overall tax revenues. The Swiss government urged voters to reject it.
Reporting by Ariane Luthi
A U.S. delegation led by CIA director John Ratcliffe met with his counterpart at Cuba's Interior Ministry in Havana on Thursday, the Cuban government said in a statement, as tensions worsen over a U.S. fuel blockade that has starved the island of fuel and power generation.
China's Xi Jinping told President Donald Trump that trade talks were making progress at the start of a two-day summit on Thursday but warned that disagreement over Taiwan could send relations down a dangerous path and even lead to conflict.
Chinese emperors once prayed for bumper crops under the blue-tiled, triple-eaved roof of Beijing's Hall of Prayer for Good Harvests, in sacred rites affirming their mandate to rule.
To make this website run properly and to improve your experience, we use cookies. For more detailed information, please check our Cookie Policy.
Necessary cookies enable core functionality. The website cannot function properly without these cookies, and can only be disabled by changing your browser preferences.