The measure, known as the 'Schumi Initiative,' is named after seven-times Formula 1 champion Michael Schumacher.

Schumacher relocated to Switzerland from his native Germany in 1996 to escape a 42% tax on his income and a 53% tax on his investments. In his adopted home in the Swiss canton of Waadt, he reportedly pays an effective tax rate of 4% on an income said to be in the region of £50 million per year.

Suzanne Oberholzer of the Social Democrat party believes that Schumacher, along with a number of other sportsmen, rock stars, celebrities and other wealthy individuals who also benefit from preferential tax deals with local governments, should be paying a lot more tax.

"It cannot be right for Michael Schumacher and some 3,000 other foreign, rich inhabitants of Switzerland to be free from normal income tax rules," argued Oberholzer.

"It is unfair to the Swiss people and to the people of neighbouring lands who must shoulder their fair share of financial obligations," she added.

According to Oberholzer, the current situation whereby cantonal governments can negotiate tax rates with wealthy foreigners is unconstitutional.

"The tax situation clearly contradicts the basic law of Switzerland," stated her bill.

The proposal is being backed by the Green Party which, together with the Social Democrats, represents about 40% of the Swiss parliament. If passed, it could mean that Schumacher and other wealthy expat inhabitants of Switzerland could pay tax at a rate of more then 40%; that's if they stayed in the country long enough to qualify.

A decision on the initiative is expected in the autumn.