Geneva to cut taxes and make public transport free for young people
The Swiss canton has bucked the trend seen in many states around the world: instead of being in the red, its public coffers are overflowing. What is the canton going to do with the excess money?
In 2023, the canton recorded a budget surplus of nearly 1.4 million francs.
This enviable profit was made possible by “good control of charges, as well as higher-than-expected tax revenues,” cantonal authorities said in a press release on Thursday.
In all, Geneva collected more tax revenue not only from its residents, but from local businesses as well.
“Tax revenues show marked growth compared to the 2023 budget,” authorities added.
“This development is essentially due to the unprecedented growth of the flagship sectors of the Geneva economy, which are wholesale trade, finance and watchmaking.”
What will the canton do with all this money?
The surplus will allow the canton to cut taxes, especially for the middle class, and to also offer free transport on the UNIRESO network to young people up to the age of 24.
Specifically, tax burden will be lowered by 5.3 percent for the highest income brackets, but would be reduced up to 11.3 percent for the middle class.
This measure would apply for single people whose taxable income is between 34,510 francs and 191,473 francs a year, as well as for married couples earning between 47,869 and 410,775 francs of taxable income.
In terms of public transport, young people up to 24 years of age, who reside in the canton, will be able ride for free on TPG, SBB, and Mouettes genevoises route network on Geneva’s territory.
This measure will go into effect at the start of the 2024 school year.
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In 2023, the canton recorded a budget surplus of nearly 1.4 million francs.
This enviable profit was made possible by “good control of charges, as well as higher-than-expected tax revenues,” cantonal authorities said in a press release on Thursday.
In all, Geneva collected more tax revenue not only from its residents, but from local businesses as well.
“Tax revenues show marked growth compared to the 2023 budget,” authorities added.
“This development is essentially due to the unprecedented growth of the flagship sectors of the Geneva economy, which are wholesale trade, finance and watchmaking.”
What will the canton do with all this money?
The surplus will allow the canton to cut taxes, especially for the middle class, and to also offer free transport on the UNIRESO network to young people up to the age of 24.
Specifically, tax burden will be lowered by 5.3 percent for the highest income brackets, but would be reduced up to 11.3 percent for the middle class.
This measure would apply for single people whose taxable income is between 34,510 francs and 191,473 francs a year, as well as for married couples earning between 47,869 and 410,775 francs of taxable income.
In terms of public transport, young people up to 24 years of age, who reside in the canton, will be able ride for free on TPG, SBB, and Mouettes genevoises route network on Geneva’s territory.
This measure will go into effect at the start of the 2024 school year.
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