Netherlands Approves 36% Tax on Unrealized Capital Gains Starting 2028

The Dutch parliament voted to impose a 36% annual tax on unrealized capital gains from stocks, bonds, and cryptocurrencies, effective 2028. The reform replaces the current "Box 3" system, which taxes investors based on fictive returns rather than actual asset appreciation. The legislation has drawn sharp criticism from global investors and tech leaders, including Elon Musk and Shopify founder Tobias Lütke. Nearly 50,000 people have signed a petition forcing formal parliamentary reconsideration. While the lower house passed the measure, a separate motion to switch to a realized-gains framework also received majority support, creating policy uncertainty. The Dutch Senate has not yet voted on the proposal. The move reflects growing momentum for wealth taxes in Europe, following similar debates in France and Norway.