JUN · ISSUE 26 · June 26, 2026
TAX POLICYA tax on gains you haven't sold
In the Netherlands, the lower house approved taxing the yearly rise of stocks, bonds and crypto too, even if you never sell them.
PROPOSED RATE
36%
on actual return
INCLUDES
UNREALIZED
paper gains
EFFECTIVE
2028
targeted, still in process
THE NUMBER
36%
↑ flat rate on return, including the rise you haven't sold
The Dutch bill would tax actual return: interest, dividends and the yearly rise of your assets too, even while you still hold them. It passed the lower house in February; it still faces Senate resistance and amendments.
DATA
THE FIGURE36%
36%
▲ applied to paper gains too
Your stock rises and you don't sell. You'd still owe. That rewrites the rules for the long-term investor.
A flat rate on actual return. The controversial part isn't the percentage: it's that it includes the rise you haven't sold yet.
- FLAT RATE
- — The same percentage for everyone, with no rising brackets.
- RETURN
- — What your investment earns: interest, dividends and price appreciation.
QUOTE
THE IDEATaxing what rises, not what you collect
“Taxing unrealized gains forces you to think about liquidity: you can owe tax without having collected a cent.”
The deeper shift: the tax stops waiting for the sale and starts looking at your portfolio year by year.
- LIQUIDITY
- — Cash on hand to pay without having to sell assets.
- ACCRUAL
- — The point at which a tax obligation arises.
ILLUSTRATIVE
HOW IT HITSUp on paper: you'd owe anyway
Under the classic system you pay nothing until you sell. Under the new one, every step up can generate a bill.
An illustrative example. Even if you don't sell, if the value rises each year, the unrealized tax arrives with it each year.
- UNREALIZED
- — A paper gain you haven't collected yet.
- COMPOUNDING
- — When your gains in turn generate more gains over time.
HEAD TO HEAD
TWO SYSTEMSPay when you sell vs pay every year
ON SALE (REALIZED)
The system we've always known
- You only pay when you sell and collect the gain.
- Your money compounds with no leak while you hold.
- You choose the tax timing of your sale.
EVERY YEAR (UNREALIZED)
The model under debate
- You pay on the yearly rise even if you sell nothing.
- You can owe tax without the cash in hand.
- Compounding loses steam from the yearly leak.
The gap between the two models isn't just how much you pay: it's WHEN, and that changes your strategy.
- REALIZED
- — A gain you collect when you sell.
- COMPOUND
- — Reinvesting gains so they generate more over time.
EXAMPLE
THE BITEWhat happens to 100 of paper gains
Of every 100 of unsold gains, 36 would go to the taxman. The rest keeps working, but less of it.
An illustrative example at the 36% rate. Not advice: just to show the size of the bite.
- RATE
- — The percentage applied to work out the tax.
- TAX BASE
- — The amount on which what you owe is calculated.
TIMELINE
THE PROCESSWhere the Dutch bill stands
| 12 FEB 2026 · - | LOWER HOUSE APPROVES | High | The bill clears the first parliamentary filter with the 36% on actual return. |
| 25 FEB 2026 · - | AMENDMENTS ANNOUNCED | Medium | The government concedes changes to win support: loss relief and startup exemptions. |
| PENDING · - | SENATE VOTE | High | Still to pass. There is resistance: it isn't final until this step. |
| 1 JAN 2028 · - | TARGETED EFFECTIVE DATE | Medium | The goal date if it clears the process. Room for it to change. |
It isn't settled law yet. Follow the path to see when, and whether, it actually takes effect.
- LOWER HOUSE
- — The first of the two chambers that must approve a law.
- SENATE
- — The second chamber: without its vote, the bill isn't law.
WRAP
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- UNREALIZED
- — A paper gain you haven't collected by selling yet.
- BOX 3
- — The Dutch bracket that taxes savings and investments.