The Swiss National Council has decisively rejected the Juso party's inheritance tax initiative, which proposed a 50% tax on estates exceeding 50 million francs to fund climate protection.

The initiative, which sparked heated debates, was voted down by 132 to 49, with eight abstentions.

Opponents argued the tax could harm family businesses and lead to job losses, while proponents emphasized the need for the wealthiest to contribute to climate action.

Finance Minister Karin Keller-Sutter also criticized the proposal, citing concerns over potential revenue shortfalls.

Meanwhile, economist Gabriel Zucman praised the initiative, suggesting it could reduce inequality and fund climate efforts.

Despite international support, the proposal faces strong domestic resistance.