"选民明确拒绝了一项存在风险的财政实验，"瑞士财政部长Karin Keller-Sutter周日表示，"这 样的税收会破坏我们税制的平衡，并损害瑞士的吸引力。" Keller-Sutter透露，当遗产税提案首次公开讨论时，许多地方官员对她警告称，富裕居民正在 考虑搬离。 当地时间周日（11月30日）， 瑞士投票否决了一项对超级富豪征收50%遗产税的提案。 数据显示，这项提案遭到了78.2%投票选民的反对。该提案由瑞士左翼社会民主党青年组织发 起，要求对超过5000万瑞士法郎（约合6200万美元）的所有遗产和赠与征收50%的税。其目的 是为了筹集资金应对气候变化。 这项税收若落实，将影响大约2500名瑞士居民，约占该国人口的0.03%。 该计划遭到瑞士政府及除左翼外所有政党的强烈反对。他们认为，这项税收可能导致富人外流，从 而抵消税收收益，甚至令财政状况更糟。 瑞士圣加仑大学的Stefan Legge表示，如果50%的遗产税得到实施，可能的影响之一是税收收 入下降。税收针对的人群目前前每年缴纳50亿至60亿 瑞士法郎的税款，若他们因遗产税选择 离开瑞士，对该国而言无疑是一大损失。 在瑞士的直接民主制度下，公民每 ...

当地时间11月30日，瑞士在公投中以78%对22%的压倒性多数否决了一项旨在对超级富豪征收50%遗产 税的提案。 这项由瑞士极左翼青年社会主义者党发起的提案，原计划对超过5000万瑞士法郎（约合4.4亿元人民 币）的遗产与赠与资产引入50%的联邦税，并将所得收入专项用于气候相关支出。 然而，提案在公投中遭遇强烈反对。公投前，瑞士联邦政府、商业团体及高净值人士普遍对此倡议持反 对态度，警告其可能损害瑞士作为国际财富中心的吸引力。 当前，全球许多经济体对超富人群的税收政策正出现分化。一方面，迪拜、阿布扎比和新加坡等金融中 心正通过税收优惠与宽松监管积极吸引富裕家庭；另一方面，意大利、英国和西班牙等国则陆续提出对 富豪更为严格的税负方案。 瑞士为什么对遗产税说"不" 瑞士长期以来被视为财富聚集地。根据瑞银（UBS）的研究，瑞士每百万居民拥有超过九位亿万富翁， 这一密度是西欧平均水平的五倍。瑞士最富有的300位居民总财富高达8500亿瑞士法郎。 在政策层面，尽管瑞士存在地方征收的财富税，但税率普遍偏低，且几乎针对所有收入阶层。瑞士最富 有的10%资产持有者贡献了86%的财富税收入。同时，该国为富裕外国人设立了特殊税收 ...

2025.12. 01 本文字数：2228，阅读时长大约4分钟 作者 | 第一财经 高雅 当地时间11月30日，瑞士在公投中以78%对22%的压倒性多数否决了一项旨在对超级富豪征收50% 遗产税的提案。 这项由瑞士极左翼青年社会主义者党发起的提案，原计划对超过5000万瑞士法郎（约合4.4亿元人民 币）的遗产与赠与资产引入50%的联邦税，并将所得收入专项用于气候相关支出。 然而，提案在公投中遭遇强烈反对。公投前，瑞士联邦政府、商业团体及高净值人士普遍对此倡议持 反对态度，警告其可能损害瑞士作为国际财富中心的吸引力。 当前，全球许多经济体对超富人群的税收政策正出现分化。一方面，迪拜、阿布扎比和新加坡等金融 中心正通过税收优惠与宽松监管积极吸引富裕家庭；另一方面，意大利、英国和西班牙等国则陆续提 出对富豪更为严格的税负方案。 瑞士为什么对遗产税说"不" 瑞士长期以来被视为财富聚集地。根据瑞银（UBS）的研究，瑞士每百万居民拥有超过九位亿万富 翁，这一密度是西欧平均水平的五倍。瑞士最富有的300位居民总财富高达8500亿瑞士法郎。 根据瑞士的制度，瑞士公民每年要进行多达四次的公投，而历史投票趋势显示他们多次倾向于维 ...

当前，全球许多经济体对超富人群的税收政策正出现分化。 当地时间11月30日，瑞士在公投中以78%对22%的压倒性多数否决了一项旨在对超级富豪征收50%遗产 税的提案。 这项由瑞士极左翼青年社会主义者党发起的提案，原计划对超过5000万瑞士法郎（约合4.4亿元人民 币）的遗产与赠与资产引入50%的联邦税，并将所得收入专项用于气候相关支出。 然而，提案在公投中遭遇强烈反对。公投前，瑞士联邦政府、商业团体及高净值人士普遍对此倡议持反 对态度，警告其可能损害瑞士作为国际财富中心的吸引力。 当前，全球许多经济体对超富人群的税收政策正出现分化。一方面，迪拜、阿布扎比和新加坡等金融中 心正通过税收优惠与宽松监管积极吸引富裕家庭；另一方面，意大利、英国和西班牙等国则陆续提出对 富豪更为严格的税负方案。 在政策层面，尽管瑞士存在地方征收的财富税，但税率普遍偏低，且几乎针对所有收入阶层。瑞士最富 有的10%资产持有者贡献了86%的财富税收入。同时，该国为富裕外国人设立了特殊税收条款，允许其 在未完全披露所有资产的情况下完成纳税。2023年，瑞士税收占国内生产总值（GDP）的比例在经合组 织（OECD）38个成员国中仅排第31位。 ...

Macro and Strategy Research - The report discusses the international experience of inheritance tax systems, noting that 63.2% of OECD countries currently impose inheritance taxes, with the average tax revenue from inheritance tax being only 0.5% of total tax revenue [3] - It highlights the trend of high exemption thresholds combined with high tax rates or low exemption thresholds with low tax rates in OECD countries, with a gradual decrease in the highest marginal tax rates and an increase in exemption thresholds [3] - The report suggests that the potential introduction of inheritance tax in China is likely due to the increasing wealth transfer and the push for common prosperity [3] Fund Research - The report indicates that major equity indices continued to rise, with the CSI 300 index showing significant gains in price-to-earnings ratio valuation percentiles [6] - It notes that 19 out of 31 primary industries experienced growth, with the top five performing industries being telecommunications, pharmaceuticals, automotive, machinery, and defense [6] - The report mentions that the ETF market saw a net inflow of 562.65 billion yuan, with bond ETFs, particularly those focused on technology innovation, being the main beneficiaries [7][8] Industry Research - The report states that in June, the retail sales of furniture and clothing categories grew by 28.7% and 1.9% year-on-year, respectively, driven by e-commerce promotions and government policies [9] - It highlights that the light manufacturing industry underperformed the CSI 300 index by 1.01 percentage points, while the textile and apparel industry lagged by 0.85 percentage points [9] - The report emphasizes the expected increase in demand for electric two-wheelers in Vietnam due to the government's ban on fossil fuel vehicles, which could benefit domestic electric two-wheeler companies [12]

Group 1: International Experience of Inheritance Tax - 63.2% of OECD member countries impose inheritance tax, with 24 out of 38 countries currently collecting it[22] - In 24 OECD countries that collect inheritance tax, the average revenue from inheritance tax accounts for only 0.5% of total tax revenue[25] - The highest marginal tax rates in OECD countries have gradually decreased from 70% in 1980 to 34% in 2019, while the exemption threshold has increased from $50,000 to $320,000[36] Group 2: Japan's Inheritance Tax System - Japan's inheritance tax system is characterized by a "prior legal, then actual" approach, ensuring that high-value assets are taxed appropriately[47] - As of 2020, securities and cash deposits accounted for 48.9% of inherited assets in Japan, totaling ¥85 trillion[55] - Japan's inheritance tax has seen an increase in taxable cases relative to the number of deaths, while the actual tax burden has decreased due to government measures[55] Group 3: Domestic Asset Transfer in China - China currently does not officially impose inheritance or gift taxes, but related fees may apply to asset transfers, including contract tax and notarization fees[78] - For bank deposits exceeding ¥50,000, heirs must pay notarization fees, which can reach up to ¥41,400 for non-property assets in Tianjin[84] - The future scale of intergenerational wealth transfer in China is expected to increase significantly, with projections reaching ¥79 trillion in 20 years[42]

Core Point - The Senate Majority Leader Thune stated that the Senate version of the tax legislation draft will not include the repeal of the estate tax [1] Group 1 - The Senate is currently working on a tax legislation draft [1] - The estate tax will remain in place as per the Senate's decision [1]

Core Viewpoint - The Senate Republican leader, Mitch McConnell, indicated that it is unlikely the estate tax will be repealed in the Senate tax proposal [1] Group 1 - The Senate tax proposal is facing challenges regarding the repeal of the estate tax [1] - McConnell's statement reflects the current political landscape and priorities within the Senate [1]

Core Viewpoint - The decision of the son of the late Japanese actress Miho Nakayama to renounce his inheritance highlights the burdensome nature of Japan's inheritance tax system, which can turn perceived wealth into a financial liability [1][3][7]. Tax Implications - The inheritance is valued at 2 billion yen, but due to Japan's high inheritance tax rates, the son would need to pay 1 billion yen in taxes if he accepted the inheritance [3]. - The tax rate jumps to 55% for inheritances exceeding 600 million yen, making it one of the highest in the world [3][5]. - The assets inherited, such as jewelry and copyrights, are difficult to liquidate and may not hold their assessed value, complicating the financial situation further [5][7]. Societal Reflection - The decision to renounce the inheritance reflects broader issues within Japanese society regarding the inheritance system, where what is intended as a legacy can become a financial crisis for heirs [7][9]. - The case illustrates a generational shift in attitudes towards inheritance, with the new generation prioritizing financial stability over traditional notions of filial duty [9][11]. - The situation serves as a cautionary tale for other societies, including China, about the potential pitfalls of wealth transfer and the importance of considering the financial implications of inheritance [9][11].

Core Viewpoint - The real estate market has experienced a significant downturn since 2021, with prices in lower-tier cities halving and first-tier cities returning to 2016 levels, despite government efforts to stabilize the market through various policies [1][3]. Group 1: Market Trends - The initial surge in housing prices led to a speculative buying frenzy, with many individuals borrowing to purchase properties, resulting in skyrocketing prices even in remote areas [1]. - By 2021, the market began to decline, with second and third-tier cities seeing price drops of around 50%, and first-tier cities reverting to previous price levels [1]. - The government has implemented measures such as lowering down payment ratios, reducing loan interest rates, and offering tax incentives to stimulate market recovery [1]. Group 2: Financial Health of Real Estate Companies - Many real estate companies are facing severe financial difficulties and high debt pressures, leading to a growing sense of caution among potential buyers [3]. - The industry is expected to undergo a significant shakeout, with financially strained companies likely to exit the market, while larger firms with stable finances may continue to thrive [5]. Group 3: Taxation and Market Pressure - The introduction of property taxes and landlord taxes in some cities poses a significant burden on homeowners, particularly those with multiple properties, as these taxes can reach up to 20% [6]. - The rental market is under increasing pressure, making it nearly impossible for most homeowners outside major cities to sustain their properties through rental income [6]. Group 4: Wealth Distribution and Policy Implications - The concentration of wealth in real estate has led to high vacancy rates among affluent families, while a significant portion of the population struggles to afford housing [10]. - Government policies aimed at promoting common prosperity and reducing wealth inequality include inheritance taxes on property sales, which could significantly impact high-net-worth families [11]. - These measures are intended to facilitate a more equitable distribution of wealth, although they may cause short-term challenges in the market [11].