What are wealth taxes and how are they levied?
The wealth tax is levied by all cantons and municipalities. This is assessed annually and submit in combination in the same tax return used for the individual income tax.
What does the wealth tax comprehend? The total assets include all of the property and rights which an individual is the owner or holder. These assets are taxed at the market value. Examples: securities, bank deposit, car and immovable assets such as land, redeemable life and annuity insurance and assets invested in a business or farm.
The taxable wealth is the addition of these values. In the wealth tax there are deductions which can be made, deduction like mortgage and credit card debt.
Most of the cantons use progressive scales meanwhile some cantons use fixed tax rates.