On 18 June 2023, citizens of Geneva voted on whether to boost the rate of wealth tax applied to assets above CHF 3 million over the next decade – an extra CHF 44 to 49 per 1,000 would be levied on wealth above CHF 3 million for 10 years.
55.12% of voters rejected the idea. Only the four communes of Geneva (51.65% yes), Carouge (51.56%), Vernier (52.37%) and Avully (52.46%) had majorities in favour of the plan. The other 41 communes voted against it.
The idea dates from the pandemic when government budgets were stretched and the canton was struggling to make ends meet. The extra tax was presented as a solidarity tax. However, since Covid, Geneva’s finances have improved significantly.
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