On February 13, the Dutch Parliament voted to enact a 36 percent tax on unrealized capital gains in stocks, crypto, and bonds. Such a move has long been the dream of American Leftists, who haven't seen a penny they didn't want to tax so hard that Lincoln would defect to the Confederacy.
They genuinely believe all our money, including the "imaginary" money that is unrealized capital gains, belongs to them. In fairness, private jets and lavish lifestyles don't come cheap, and it's hard to live large on the $174,000 Congressional salary. While I am not an economic and tax policy wonk, I thank the Dutch for being willing to blow up their economy because maybe Americans will learn what happens when you let Leftists tax you to death.
BREAKING: 🇳🇱 Netherlands House of Representatives approves 36% tax on unrealized capital gains in stocks, crypto and bonds.
— The Spectator Index (@spectatorindex) February 13, 2026
Taxing unrealized capital gains is a surefire formula for making sure no one invests in your nation, and that those who are wealthy enough to do so will leave your nation. We've seen billionaires leave California after the state proposed a five percent one-time "wealth tax" and there's no reason to believe the wealthy Dutch won't do the same.
If you're not sure how this works, this is the Cliff's Notes version: Say you own $50,000 worth of bitcoin in 2025. In 2026, the value increases to $100,000. You don't get access to that money unless you cash out, and then you'd have $50,000 in gains. But if you don't cash out, that money is an unrealized gain. Tomorrow, the bitcoin price could crash to $30,000.
Doesn't matter, though. The Dutch government would still demand that you pay 36 percent on that $50,000 gain. That's $18,000. Few people have that lying around, so they'd be forced to sell the stock or other assets. No, you don't receive a refund for the losses.
If you want a more in-depth explainer, here's one from Dutch PM Michel Hoogeveen.
NEW: Dutch Parliament Member Michel Hoogeveen explains how the 36% unrealized capital gains tax, just passed by the House of Representatives, will work.
— Bitcoin News (@BitcoinNewsCom) February 12, 2026
Here is a more detailed example:
Step 1. Starting position
You own 500 shares.
Value on Jan 1, 2028: €50,000
Value on Jan… pic.twitter.com/GYeAN9jlJ6
This could become "one of the biggest destructions of future wealth" in Dutch history.
The impact of the 36% tax on unrealized gains for the average Dutch investor:
— Investing visuals (@InvestingVisual) February 13, 2026
• No starting capital
• €200 monthly contribution
Their long term returns drop 40% if this bill passes.
This could become one of the biggest destructions of future wealth in Dutch history. https://t.co/G44ITD1HNj pic.twitter.com/PyoGYntTC6
Taxing unrealized capital gains is economically illiterate, of course.
It is truly extraordinary to see the new Dutch tax on unrealized capital gains. It is as though the responsible politicians exist in a parallel universe fully decoupled from an understanding of human nature, economics, and reality.
— Gad Saad (@GadSaad) February 14, 2026
Yet it's one Democrats have floated in the past. In 2024, the Biden administration proposed a 25 percent tax on unrealized capital gains for "high-net-worth" individuals. At the time, people warned it would "crush the [American] economy." Thankfully, that scheme never came to fruition. And stop me if you've heard Democrats say they'd just tax "high-net-worth" individuals before. The income tax was supposed to be on only the wealthiest Americans. Now we all have until April 15 to file and pay our taxes, regardless of our income, by and large.
But the Dutch government looked at Biden's plan and said, "Hold vores øl."
And I welcome it. Sometimes lessons are best learned the hard way.
The Dutch Parliament has decided to gamble with its own prosperity. Fine. Let them. But Americans should take note: every time Democrats insist a wealth tax would only target "high-net-worth" individuals, remember that income taxes once carried the same promise. Governments don’t stop at the top. They expand. They always expand. And if unrealized gains become fair game, your retirement account, your stock portfolio, and even your home, are next.
