Swiss wealth tax proposal to test public appetite for redistribution

Switzerland will vote on a proposed wealth tax on Sunday that will be a litmus test of appetite for wealth redistribution in one of the world’s richest countries.

- ARIANE LUTHI

The proposal from the youth wing of the leftist Social Democrats (JUSO), is for a 50 per cent tax to be levied on inherited fortunes of 50 million Swiss francs ($62 million) or more to fund projects to reduce the impact of climate change.

Around 2,500 taxpayers in Switzerland have assets worth more than 50 million francs, according to Swiss tax authorities, with a total wealth of about 500 billion francs.

With as many as two-thirds of respondents against the proposed tax in recent polls, the measure is widely expected to fail, turning attention to the level of support.