The leaders of two business groups in the region are coming out strongly against the ‘For the Future’ initiative which is proposing a 50% tax on all inheritances over CHF 50m.
Vincent Subilia, head of the Geneva Chamber of Commerce and Ivan Slatkine, from the Federation of Swiss Romande Businesses, both warn there are worries the wealthy would leave Geneva – increasing the tax burden on everyone else.
In an interview with the Tribune de Genève, the two men warn that an exodus of the rich would cut tax receipts by CHF 1.3bn. That amount accounts for 18% of the canton’s budget and is paid by less than 400 people.
To make up for the loss, each household in Geneva would have to pay a further CHF 6,000 a year, say the groups.
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