Swiss Voters Reject Inheritance Tax That Billionaires Warned Would Lead to Exodus

Voters in Switzerland, the home of art world mainstays Art Basel and Hauser & Wirth, emphatically voted down a new inheritance tax on Sunday, with 78 percent voting no.The proposed tax, which came from the country’s left-wing Social Democrats party, would have taxed all inheritances and gifts of more than 50 million Swiss Francs, or about $62.3 million, at a rate of 50 percent. Ahead of the vote, Swiss billionaire Peter Spuhler told Swiss newspaper Tagesanzeiger that his family would s