{"id":38225,"date":"2024-11-06T10:33:58","date_gmt":"2024-11-06T09:33:58","guid":{"rendered":"https:\/\/fidulex.ch\/?p=38225"},"modified":"2024-11-06T11:02:17","modified_gmt":"2024-11-06T10:02:17","slug":"lower-taxes-in-geneva-issues-and-positions","status":"publish","type":"post","link":"https:\/\/fidulex.ch\/en\/lower-taxes-in-geneva-issues-and-positions\/","title":{"rendered":"Tax cuts in Geneva: stakes and standpoints"},"content":{"rendered":"
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On November 24, 2024, the voters of Geneva will be asked to vote on a proposal to reduce income tax<\/strong> for individuals. This measure, presented by the Conseil d'Etat, aims to reduce the tax burden on taxpayers, with reductions ranging from 5.4%<\/strong> to 11.4%<\/strong> according to income brackets, for an average of 8.7%<\/strong>.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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The stakes of lower taxes<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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By reducing the tax burden<\/a><\/strong>, the Council of State aims to increase<\/strong> the disposable income<\/strong> of households, thereby boosting consumption and, by extension, the local economy. A more competitive tax system could attract new residents and businesses, potentially strengthening the economic dynamism<\/strong> of the canton.<\/p>

The reform also aims to correct<\/strong> certain inequalities by offering more significant reductions to middle-class incomes<\/strong>, with reductions of up to 11.4% for taxable income brackets between CHF 76,812 and CHF 125,793.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Council of State position papers<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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The Geneva Council of State<\/strong> strongly supports<\/strong> this tax reform. According to Nathalie Fontanet, president of the Council of State and Minister of Finance, more than half of taxpayers will benefit from a tax reduction of at least 10%<\/strong>.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Geneva will remain a high-tax canton<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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She emphasizes that despite this reduction, Geneva will remain one of the cantons with the highest<\/strong> taxation<\/strong> in Switzerland.<\/p>

The cantonal government considers this measure relevant, especially due to the budget surpluses<\/strong> recorded in recent years, including a surplus of 1.4 billion francs in 2023.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Rising deficit<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Despite recent surpluses, concerns persist about the impact of lower taxes on public finances<\/strong>.<\/p>

The City of Geneva's draft 2025 budget provides for a deficit<\/strong> 63.4 million francs, largely attributable to the planned tax cuts. Tax losses are estimated at CHF 326 million for the canton and CHF 108 million for the communes.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Conclusion<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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The proposal to reduce income tax in Geneva represents a major issue for the canton. While it promises to improve the purchasing power<\/strong> of taxpayers and enhance economic attractiveness, it also raises the question of the sustainability of public finances.<\/p>

The vote on November 24<\/strong> will be decisive for the fiscal and economic future of Geneva, and voters will need to carefully weigh the potential benefits and risks associated with this reform.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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For more information on the subject:<\/strong> <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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