Companies that netted their best-ever earnings during the coronavirus crisis should be subject to extra tax, finds one of Switzerland’s top economists.
Jan-Egbert Sturm, director of the KOF Swiss Economic Institute, made the suggestion in an interview with Sunday newspaper SonntagsBlick.
Sturm, who also heads the economic committee of the national Covid-19 task force, pointed out that certain businesses have done very well thanks to the pandemic – with some food retailers, online shops and pharmaceutical companies earning more than ever before.
“We could consider taxing the profits of the crisis winners higher, and using that money to support the losers of the crisis,” Sturm said, pointing out that the chance to profit during the pandemic has been a matter of luck, unlike the 2008 financial crisis, where politicians and bankers had made mistakes.
In contrast, Sturm noted that event planners as well as travel, catering and hotel companies got into financial difficulties through no fault of their own. “Therefore a redistribution would be justified in my opinion.”
Incidentally, “there is no way around letting certain businesses go bankrupt,” Sturm said, adding that while the state could not prevent job losses in some industries, it could help create new jobs elsewhere.
More
More
Swiss businesses weather Covid crisis well so far
This content was published on
A new study shows the Swiss government’s support measures have been a key factor in avoiding a wave of bankruptcies during the Covid-19 crisis.
This content was published on
The government should boost its efforts to help businesses tackle the coronavirus crisis, says the director of the KOF Swiss Economic Institute.
Heavy snowfall in Switzerland causes traffic chaos and accidents
This content was published on
The heavy snowfall late on Thursday and during the night into Friday led to traffic chaos and many accidents in many regions of Switzerland.
Chimpanzee behaviours passed down through generations
This content was published on
Some of the complex behaviours of chimpanzees have been passed down and refined over generations. These include the combination of several tools for foraging.
More than 600,000 rounds of Swiss sniper ammunition reach Ukraine
This content was published on
Sniper ammunition from Swiss P Defence reached Ukraine via a Polish company in July 2023, reported SRF Investigativ on Thursday, citing official information.
Environment minister outlines Swiss efforts to limit global warming
This content was published on
Switzerland will do its part to achieve the goal of limiting global warming to 1.5 degrees Celcius, said Environment Minister Albert Rösti, who's attending COP29 in Baku.
This content was published on
Switzerland remains by a large margin the European champion of train travel, both in terms of the number of journeys per person and the number of kilometres travelled. Switzerland remains by a large margin the European champion of train travel, both in terms of the number of journeys per person and the number of kilometres travelled. Switzerland remains by a large margin the European champion of train travel, both in terms of the number of journeys per person and the number of kilometres travelled.
Assisted suicide: Sarco inventor defends himself against killing rumours
This content was published on
Sarco inventor Philip Nitschke has defended himself against rumours that one of his colleagues assisted in the suicide of a woman in Schaffhausen, northern Switzerland.
Too much attention paid to queer people, says Swiss survey
This content was published on
Most Swiss are well disposed towards LGBTQ people, according to a study. However, prejudice and intolerance persist in certain sectors of society, particularly towards transgender and intersex people.
Join the conversation!