Swiss climate activists propose new tax targeting the rich
![Swiss climate activists propose new tax targeting the rich](https://sustainabilityeconomicsnews.com/wp-content/uploads/2023/12/217-DSC_0675.webp)
The Young Socialists of Switzerland have announced that they have gathered sufficient signatures to initiate a national vote on a new tax targeting the affluent to fund climate change initiatives.
As the youth wing of the Social Democrats, the country’s second-largest political party, they are proposing a 50% tax on inheritances surpassing 50 million francs ($59 million).
According to a statement released on Wednesday, this tax measure is anticipated to yield approximately 6 billion francs annually for climate protection endeavors.
“Those who for decades have been jeopardizing our natural resources for their profits should pay the price,” the campaigners said on their website.
“Our initiative ensures that the climate crisis is paid for by those who profit from it!”
The group has gathered over 130,000 signatures and plans to submit them to federal authorities in early February.
Once officially certified, this will lead to a plebiscite after government and parliament review the issue.
The complete process usually takes several years.
Expressing concern over the proposed tax, right-wing lawmaker Thomas Aeschi argued that it could drive wealthy citizens away, prompting them to leave the country to evade the tax.
Referring to the situation in Norway, he mentioned a similar scenario where the country experienced an exodus of millionaires after increasing wealth taxes.
The ongoing debate in Switzerland revolves around finding suitable methods to tax the wealthy.
In June, a slim majority of voters in Geneva rejected a proposed wealth tax increase for millionaires, and in a 2015 plebiscite, a federal inheritance tax was also unsuccessful.
Presently, the taxation of inheritances is determined at the local level by the country’s 26 cantons.
In Switzerland’s system of direct democracy, citizens participate in frequent votes on various topics, spanning from cattle farming to the cash supply.
Although citizens can significantly impact public discourse, not all proposals reach the ballot box.
Frequently, lawmakers preemptively pass laws if they anticipate majority voter support.
![](https://sustainabilityeconomicsnews.com/wp-content/uploads/2024/07/Screenshot-2024-07-05-at-4.33.30 PM-150x150.png)
CalPERS allocates nearly $10 billion to climate action...
-
The California Public Employees’ Retir...
- 05/07/2024
![](https://sustainabilityeconomicsnews.com/wp-content/uploads/2024/07/Asset-Management-150x150.png)
Eco-gamers launch online video game to target asset...
-
A team of eco-gamers known as Serious Pe...
- 01/07/2024
![](https://sustainabilityeconomicsnews.com/wp-content/uploads/2024/06/Depositphotos_73537517_S-150x150.jpg)
EU regulators push for revisions in landmark ESG...
-
Regulators overseeing the markets, banki...
- 19/06/2024
Related News
ERM, a sustainability consultancy company, announced that it has commenced offshore trials to test the key elements of its Dolphyn Hydrogen process. The trials mark […]
European Energy announced that it had acquired grid connection approvals for nearly 500 megawatts (MW) of solar and wind energy projects across Romania. The approvals […]
In its second-quarter update, Shell announced that it would incur an impairment charge of up to $2 billion following the sale of its Singapore refinery […]
The California Public Employees’ Retirement System (CalPERS) announced a commitment of almost $10 billion to advancing global efforts to transition to a low-carbon economy. This […]
The European Commission announced that it has approved a €10.82 billion French scheme to support offshore wind energy deployment. It aims to help foster a transition […]
ENGIE announced that it signed a 7-year Biotmethane Purchase Agreement (BPA) with BASF. According to the agreement, ENGIE will supply the chemicals company with 2.7 […]