Swiss voters have overwhelmingly rejected a proposed tax on inheritance for the ultra-wealthy, a measure pushed by the youth wing of the Socialist Party (Juso) aimed at funding climate protection initiatives.
The initiative, titled “For a Social Climate Policy Financed by Taxes”, proposed a 50% tax on inheritances exceeding 50 million Swiss francs, with revenues earmarked for climate action. However, the referendum failed as most cantons voted against the proposal. Swiss law requires both a majority of the national vote and a majority of the cantonal vote for such initiatives to pass.
Authorities had already announced that the proposal was set to fail even before all votes were counted, due to opposition from the majority of cantons.
Business and political groups unite against the tax
According to Swiss tax authorities, there are roughly 2,500 taxpayers in Switzerland with assets exceeding 50 million Swiss francs, collectively holding around 500 billion francs in wealth. Had the initiative passed, the tax could have theoretically generated 4 billion francs in additional revenue. Juso planned to use these funds exclusively for climate protection projects.
A broad coalition of political parties and business associations campaigned against the measure, warning that the added tax burden could encourage wealthy individuals to move abroad, thereby reducing overall tax revenue.
Currently, in most Swiss cantons, spouses and direct descendants are exempt from inheritance tax, while other heirs face varying regulations depending on the canton.
