Posted on 07/22/2024 5:31:05 PM PDT by nickcarraway
Home to an estimated 110 billionaires and even more multi-millionaires, Switzerland is in danger of losing a large part of its population. The ultra-rich are preparing to flee the country in fear of a new tax proposal.
Yes to the tax
The JUSO (The Socialist Youth), under the Social Democratic Party, are determined to impose a law for a 50 per cent inheritance tax on all residents whose assets exceed 50 million francs (€51 million).
The Vice President of JUSO, Melanie Rufi stated to the Press that the rich should be held “responsible” for climate change, as they “contribute enormously to the destruction of the climate through their investments and consumer behaviour.”
The Party has now collected 109, 988 signatures (from the 100,000 required) and submitted them to the Federal Chancellery for verification in March this year.
The Socialist Youth have estimated that the tax would generate 6 billion francs (€6 billion) in income for both the government and Swiss residents. “With the initiative for the future, we are ensuring socially fair financing of climate protection,” said the Party´s Vice President.
No to the tax While the left of the Swiss parliament is fully in support of the initiative, MPs from other parties are concerned about the consequences on the local economy.
“Switzerland clearly needs wealthy people, as more than 50 per cent of the tax revenue comes from the super rich,” said Elisabeth Schneider-Schneiter, the representative of the Centre Party. “If we drive out individuals with strong fiscal capacity through radical laws, finances will ultimately have to come from the middle class.”
According to Michele Blöchliger, an MP from Nidwalden; a region inhabited by the Swiss wealthy, “the first departures have already taken place.” MP, Erns Stocker from Zurich also stated to the local Press that the wealthy individuals are now already “planning to move.”
The head of the large Swiss company, Stadler Rail, Peter Spuhler expressed that the tax would cause “gigantic damage” to Switzerland, losing its high position in the world of global business.
He estimated that he alone would have to pay between 1,5 and 2 billion francs (up to €2 billion) and stated to be fleeing from Switzerland “at least temporarily before the vote” and would stay abroad should the initiative be approved.
What will it take?
To become the law, the initiative has to go through numerous stages. Initially, a parliamentary consultation and recommendation will be held, which are likely to last at least until the year 2025. Therefore, the decision will not be made until 2026, and even then it would require the support of the majority.
Despite this, many of the Swiss wealthy are already moving abroad, as Norwegians who have fled to Switzerland in fear of their country´s high taxes are preparing to find a new country, welcoming to the ultra-rich.
Idiots killing the Golden Goose.
The article is about inheritance taxes not income taxes. US and state inheritance/estate taxes on the wealthy approach the proposed 50% those people in Switzerland are fleeing.
Lichtenstein? That small nation is extremely wealthy.
Bkmk
That is true.
When all the rich flee, they'll have 50 billion francs LESS income.
Socialists and liberals always believe the rich will lie down and take it without complaint.
I remember this article in the Wall Street Journal published May 27, 2009:
Maryland's Missing MillionairesThey never learn.Maryland couldn’t balance its budget last year, so the state tried to close the shortfall by fleecing the wealthy. Politicians in Annapolis created a millionaire tax bracket, raising the top marginal income-tax rate to 6.25%. And because cities such as Baltimore and Bethesda also impose income taxes, the state-local tax rate can go as high as 9.45%. Governor Martin O’Malley, a dedicated class warrior, declared that these richest 0.3% of filers were “willing and able to pay their fair share.” The Baltimore Sun predicted the rich would “grin and bear it.”
One year later, nobody’s grinning. One-third of the millionaires have disappeared from Maryland tax rolls. In 2008 roughly 3,000 million-dollar income tax returns were filed by the end of April. This year there were 2,000, which the state comptroller’s office concedes is a “substantial decline.” On those missing returns, the government collects 6.25% of nothing. Instead of the state coffers gaining the extra $106 million the politicians predicted, millionaires paid $100 million less in taxes than they did last year — even at higher rates.
Or Grand Fenwick is another.
No income tax, no sales tax.
But only if they are NOT leftists.
We need to keep NH as it is.
Sign me up.
Best. Reality. Show. Ever.
I was just in Monaco. Saw a ton of Swiss license plates on high-end vehicles. Just sayin’
Sure but for the billionaire class US inheritance tax is currently nearly as bad as the 50% that the Swiss left is proposing. That needs to be fixed in Trump Admin II.
Would you be one of the "multi-millionaires?"
Or one of the peons bussing tables, sweeping streets, etc.? I.e., actually keeping things running?
Regards,
I would be the one who owned the tiki bar named “Donovan’s Reef”. Home of the world’s best chicken salad sandwich. :)
No, really? Color me surprised!
I, also, was just in Monaco - but I blinked, so I missed it.
Regards,
I guess they go to Monaco?
Yep. I’m still inviting them! :)
And, you can pine for the Fjords while you dine, LOL!
"A 'stube' is a traditional living area in German-speaking Alpine regions, typically heated by a stove where families would gather. In the context of the Glarner Stube restaurant, it refers to a cozy and welcoming place offering Swiss and German cuisine in New Glarus, Wisconsin."
When I was a kid, New Glarus was a popular 'Field Trip' destination. They have a little village with restored Swiss-style buildings that shows you Swiss Life. All of us girls wanted to wear our hair in braids, raise milk goats and be 'Heidi' after a day there. ;)
Mineral Point is also a great place to visit. Very 'artsy' with a decent Opera House and great shopping and Carr Valley Cheese!
Carr Valley 'Cocoa Cardona' is amazing!
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