Netherlands has now approved a 36% tax on unrealized gains… Let that sink in. You invest €1,000. Year 1: • Stock doubles to €2,000 • You didn’t sell. Didn’t cash out. Didn’t touch it. • Government: “Congrats on the €1,000 gain. That’s €360. In cash.” • So now you’re forced to sell shares just to pay the bill. • Everyone else does the same. • Selling pressure spikes. • Stock tanks to €800. • After tax? You’ve effectively got €440 left. Year 2: • Stock rebounds to €1,200 • Government: “Another €400 gain. Pay €144.” • More forced selling. • Price drops again. • You’re down to €756. Year 3: • Stock crawls back to €1,000 — exactly where it started. • Government: “That €100 move? We’ll take €36.” • Capital starts leaving the country. • Investors stop playing the game. Total taxes paid: €540. Total actual gain: €0. Value left in your pocket: €460. You lost 54%… on an investment that broke even. The only guaranteed winner? The government: “Thanks for the contribution, you’re helping to make society more equitable.”