Swiss Parliament Approves Income Tax Cut Package
The Swiss cantons will this week decide whether to call a national vote on
substantial income tax cuts approved recently by parliament, which many representatives
have dismissed as an attempt to buy the public's vote in an election year. The tax cut package will cost the government over CHF2 billion ($1.54 billion)
according to some reports, and will be aimed mainly at higher income taxpayers and
middle class Swiss families. Under the proposals, a family with a total household income of CHF100,000 would
see their tax bills slashed from CHF901 to CHF371, whilst single income households
of two children and income of CHF60,000 would be exempt from federal tax altogether.
Meanwhile, families with an income of CHF200,000 will see their taxes come down
by CHF3,614. Other measures include a substantial tax reduction for homeowners worth CHF460
million, and a lowering of stamp duty costing CHF310 million. According to Swissinfo, the parliamentary approval of the plan has caused rumblings
of discontent amongst representatives of the cantons, which make up the Senate,
some of whom have dismissed the tax cut package as "gifts in election year".
Members of the Social Democrat opposition meanwhile said the timing of the tax
package resembled an act of the government of a "banana republic". .
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