Latest news with #wealthInequality
Yahoo
08-07-2025
- Business
- Yahoo
Switzerland's proposed inheritance tax could undermine wealth hub status
Switzerland's reputation as a magnet for ultra-high-net-worth (UHNW) individuals may soon be under threat. A proposed nationwide 50% inheritance tax aimed at estates over CHF50m ($55m) will be put to a referendum among the population. The measure aims to address wealth inequality and fund pensions. However, its long-term implications could significantly erode Switzerland's appeal as a safe haven for the world's wealthiest families, thus creating concern among international wealth managers and private banks. Switzerland has long enjoyed a privileged position among the global elite. It ranks fifth globally for billionaire expat residency, with 17.1% of the world's mobile billionaires calling it home—behind only the UK, the US, Hong Kong (China SAR), and Singapore. The country's appeal lies in its political neutrality, strong financial infrastructure, privacy laws, and crucially, its favourable tax regime. The inheritance tax proposed by the Young Socialists Switzerland political party targets precisely the segment that Switzerland currently serves best: the ultra-wealthy. While just 3.5% of all HNW expats reside in Switzerland, the share is nearly five times higher (17.1%) among billionaires. In contrast, only 2% of those that hold $1m to $4.9m in assets reside there. This skew towards those in higher wealth bands is set to change should the referendum pass. Jurisdictions such as Monaco, Hong Kong (China SAR), and Singapore—already popular among the wealthy—stand to benefit. Monaco, for instance, hosts 5.36% of global billionaire expats despite being a fraction of Switzerland's size, offering a zero-income and zero-inheritance tax regime. Hong Kong (China SAR) and Singapore, with 12.1% and 3.9% of global billionaire expats respectively, are also likely to see inbound shifts should Switzerland introduce more aggressive tax policies. Private banks and wealth managers operating in Switzerland are already under pressure from global transparency initiatives and shifting regulatory tides. An inheritance tax of this magnitude would not only drive existing UHNW clients to reassess their domicile but could also dissuade new wealth from relocating to Switzerland altogether. This is more than a tax policy change—it is a brand risk for the Swiss wealth management industry. Wealth managers may need to recalibrate their offerings or expand into more favourable jurisdictions to retain client trust and capture new flows. Switzerland's strength has always been its stability, discretion, and predictability. A sharp departure from these principles, especially in a way that targets the very base of its HNW appeal, could trigger a flight of capital and clients. In the face of rising global competition for mobile wealth, Swiss policymakers must carefully weigh the societal benefits of taxation against the long-term damage to a key pillar of the national economy. If preserving Switzerland's wealth hub status is a priority, this proposal may need serious rethinking. "Switzerland's proposed inheritance tax could undermine wealth hub status" was originally created and published by Private Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Washington Post
30-06-2025
- Business
- Washington Post
Republicans no longer want to repeal estate taxes. That's weird.
Ray D. Madoff is a professor at Boston College Law School and author of the forthcoming 'The Second Estate: How the Tax Code Made an American Aristocracy.' The Trump administration's 'big' tax bill has one curious omission: estate tax repeal. Ending the estate tax has been a signature issue for Republicans since the 1990s. And yet today, with Republicans controlling both Congress and the presidency, there has been hardly a whisper in support of repeal. Instead, the bill has proposed a permanent exemption amount of $15 million per person: a large number, to be sure, but one that does little for the centimillionaires, billionaires and centibillionaires who dominate our world today.
Yahoo
22-06-2025
- Politics
- Yahoo
Opinion: Big Beautiful Bill to take from poor and give to rich.' That's not Christian.
Recently President Trump signed Executive Order 14202, establishing the Task Force to Eradicate Anti-Christian Bias. (Those who want to eradicate other kinds of bias are on their own, apparently.) The stated purpose was to identify any unlawful anti-Christian policies, practices or conduct. Although I am not a federal employee, I am willing to do my civic duty and expose such conduct when I see it. We need look no further than the omnibus budget bill that has passed the House and is currently before the Senate (often referred to as The Big Beautiful Bill.) This bill is a massive transfer of wealth from poor to rich. According to the nonpartisan Congressional Budget Office, Americans in the highest 10% of income would gain the equivalent of $12,000 a year, while the lowest 10% would lose nearly $1,600 a year. This despite some 'populist features' such as the elimination of taxes on tips and a $4,000 tax credit for low income folks on Social Security. These 'features' expire at the end of Trump's term, when, apparently, poor people won't need them anymore. The tax cuts for corporations and the wealthy are permanent. The Wharton Budget Model predicts that those in the top 10% of income will receive 65% of the bill's benefits, while increasing the deficit by $3.2 trillion over 10 years. The Yale Budget lab estimates that, under the provisions of the bill, only the richest 20% would be better off. Working people who are sick had better pray for good health, because this bill is going to leave them high and dry. Between the expiration of subsidies for those enrolled under the Affordable Care Act, and cuts in Medicaid, the CBO estimates that 3% of Americans, or 16 million people, will lose their health coverage. This includes 520,000 people in North Carolina. The bill also cuts food assistance programs like SNAP. The Congressional Budget Office estimates that the bill would cut as much as $300 billion from SNAP, the largest cut in the program's history. An estimated one in four aid recipients may be affected, many of them children. Some states that cannot afford to make up for federal cuts may eliminate the program entirely. In other words, this bill takes from the poor to give to the rich. Takes from our children and gives to the rich. Takes from the sick and hungry and gives to the rich. That seems anti-Christian to me. I am no Biblical scholar, but I majored in philosophy and comparative religions as an undergraduate. I even read the book(s.) Jesus, especially, was a champion of the poor. 1 John 3:17. But whoever has the world's goods, and beholds his brother in need and closes his heart against him, how does the love of God abide in him? Prov. 19:17. He who is gracious to a poor man lends to the LORD, and He will repay him for his good deed. Besides the rich, who are the winners in this budget? The legislation provides $46.5 billion to build Trump's wall along the U.S.-Mexico border, $4 billion to hire an additional 3,000 new Border Patrol agents, 5,000 new customs officers, and funds for 10,000 more Immigration and Customs Enforcement officers and investigators. We need more people to round up folks at Home Depot, hunt them down in farmer's fields, and stow undocumented people in torture prisons overseas with no due process. Doesn't the Bible tell us to welcome immigrants? Leviticus 19:33– a foreigner resides among you in your land, do not mistreat them. The foreigner residing among you must be treated as your native-born. Love them as yourself, for you were foreigners in Egypt. You don't have to take my word for this. The Catholic Church, the Episcopal Church and the Lutheran Church are among those urging senators not to accept the budget as adopted by the House. America Magazine, a Jesuit publication, says 'the legislation is anything but beautiful, at least from the perspective of Catholic teaching.' The U.S. Conference of Catholic Bishops has sent a letter to Congress 'strongly encouraging them to reconsider provisions that harm the poor and disadvantaged, our immigrant brothers and sisters, and the environment.' I am proud to highlight this issue for those in the Trump administration concerned about anti-Christian policies. Thank you for your attention to this matter. More: Opinion: Republicans' new 'budget framework' will still add trillions to national debt More: Opinion: Fallout from Big Beautiful Bill voted for by Chuck Edwards would be far-reaching C.S. Chima is a writer and retired health care administrator in Asheville. This article originally appeared on Asheville Citizen Times: Opinion: Big Beautiful Bill tax cuts for wealthy to hurt poor
Fast Company
19-06-2025
- Business
- Fast Company
Modern oligarchs? Evan Osnos on billionaires and broken systems
Is America in a Second Gilded Age? Evan Osnos thinks so. In this episode of Most Innovative Companies, Osnos unpacks how extreme wealth, corporate influence, and political inequality are transforming American life. If you've ever wondered how the 1% really operate, this is the deep dive you need.
Forbes
13-06-2025
- Business
- Forbes
Venice Locals Protest Jeff Bezos Ahead Of Italian Wedding This Month
Venice locals are staging protests against Jeff Bezos, Amazon founder and the fourth richest man in the world, as his wedding to journalist Lauren Sánchez looms later this month, with a group called 'No Space For Bezos' hosting a demonstration Friday afternoon to protest what they fear will be an extravagant display of the billionaire's wealth. The "No Space for Bezos" group held a protest against Jeff Bezos' upcoming wedding in Venice on ... More Friday. (Photo by ANDREA PATTARO/AFP via Getty Images) 'No Space for Bezos' hosted a protest at Venice's Campo San Giacometo town square Friday afternoon, where protesters made speeches in front of large anti-Bezos posters as dozens of onlookers watched. The protest came one day after the group hung a large poster that said 'Bezos' with an 'X' through it on the bell tower of Venice's San Giorgio Maggiore church. The group posted a video of its members hoisting the poster on the bell tower on Instagram, where it has 1,500 followers. Across various posts on its Instagram page, the group has criticized Bezos and Venice for hosting a billionaire's wedding in the city, where organizers say more attention should be given to issues like rising housing costs and low wages. 'No Space for Bezos'—which appears to be a pun on the billionaire's Blue Origin space company, which recently sent Sánchez to the edge of space alongside Katy Perry and Gayle King—has also hung flyers and sprayed graffiti around the city. Venice confirmed earlier this year it would host Bezos' wedding, but city officials claimed the wedding would cause 'no abnormal disruption to anyone' and said they are working with wedding organizers to be 'absolutely respectful of the fragility and uniqueness of the city.' "No Space for Bezos" held a protest in Venice on Friday. (Photo by ANDREA PATTARO / AFP) (Photo by ... More ANDREA PATTARO/AFP via Getty Images) A sticker reading "No Space for Bezos" in Venice. (Photo by ANDREA PATTARO/AFP via Getty Images) ... More "No Space for Bezos" graffiti in Venice. (Photo by ANDREA PATTARO / AFP) (Photo by ANDREA ... More PATTARO/AFP via Getty Images) A poster reading "No Space for Bezos" in Venice. (Photo by ANDREA PATTARO / AFP) (Photo by ANDREA ... More PATTARO/AFP via Getty Images) Bezos and Sánchez are expected to tie the knot over a three-day celebration later this month, spanning June 24 to June 26, Venetian officials told CNN. Many details about the ceremony remain unknown, but CNN reported the wedding may take place on their $500 million yacht, on which they vacationed off the coast of France last month. The guest list is also not public, though multiple tabloids have speculated about which of the couple's famous friends may attend, with an unnamed source telling People that Ivanka Trump and Jared Kushner were invited. Bezos and Sánchez were engaged in May 2023 on his yacht, where he proposed with a large pink diamond ring. The couple went public with their relationship in January 2019, shortly after Bezos announced he and his ex-wife of 25 years, billionaire Mackenzie Scott, were divorcing. Sánchez previously worked as a broadcast journalist and was a regular contributor on shows including The View and Good Day L.A., and she became a licensed helicopter pilot at age 40. Bezos is worth an estimated $228.4 billion, making him the fourth richest person in the world, according to Forbes estimates. Bezos owns slightly less than 10% of Amazon, which he founded in 1994 and led as CEO until he stepped down in 2021, at which point he became executive chairman. Bezos also founded the space company Blue Origin in 2000, and he owns The Washington Post, which he purchased in 2013. Venice Will Host Jeff Bezos' Wedding, City Says—Denying 'Fake News' About Event (Forbes) Jeff Bezos is planning a lavish Venice wedding. But it might not have the best view in town (CNN)
