switzerland reject inheritance tax billionaires collectors

Swiss voters overwhelmingly rejected a proposed inheritance tax on Sunday, with 78% voting no. The tax, introduced by the Social Democrats, would have applied a 50% rate to inheritances and gifts exceeding 50 million Swiss francs (about $62.3 million). Billionaire Peter Spuhler threatened to leave the country if the tax passed, and Swiss wealth managers warned that other ultra-wealthy individuals would follow, citing their mobility and options to optimize taxes.