Voters in Switzerland on Sunday rejected a new inheritance tax for multimillionaires on Sunday, rejecting a proposal that sought funds from the country's wealthiest residents to fight climate change.

Final results from across the country's 26 cantons showed voters spurning the "initiative for a future," which called for a new climate tax on big inheritances. It was rejected by over 78% of voters, official results showed.

The Young Socialists had put forward a 50% inheritance tax on assets worth 50 million Swiss francs ($62 million, €53.6 million) or more. The youth organization suggested using the revenue to finance "socially just measures to combat the climate crisis and the necessary restructuring of the economy as a whole."

National service also rejected by voters

In a separate ballot, voters resoundingly rejected the proposed introduction of civic service for all young people, with 84.2% going against the plan.

The Civic Duty proposal would have required every Swiss citizen, regardless of gender, to do national service in the army or in a civilian capacity.

The Swiss government and parliament opposed both proposals, arguing that they would entail huge costs and threaten the economy in the wealthy Alpine nation.

Switzerland holds national referendums four times a year, giving citizens a direct say in policymaking.

Edited by: Dmytro Hubenko