DOX-UA

The Netherlands is about to commit financial self-destruction. Their parliament just passed a 36% tax on unrealized gains for investments. This will cause wealthy people to move to another tax jurisdiction. People will avoid launching a new business. Stock market investing will dry up. There is too much downside risk, very little upside potential. The govt is confiscating most of the potential upside, but leaving the investor with the downside risk. The politicians know this, they have discussed it and they are concerned about it. But they did it anyways to close a short term budget gap of roughly $2 billion. As with other countries that attempted a wealth tax, it will likely backfire and result in less tax collected after wealthy people leave. The results will be so negative, the govt will reverse course within a few years. But by then the damage is already done.

Keynesian economists perform elaborate mathematical gymnastics to "prove" that $1 of government spending magically becomes $1.50 of economic growth. This fiscal multiplier fairy tale ignores what Bastiat called the "unseen" - the productive investments that never happen because resources were seized by bureaucrats first. Every bridge to nowhere represents a thousand private innovations strangled in their cribs. The seen stimulus creates jobs for government contractors and ribbon-cutting ceremonies for politicians. The unseen is the cancer research, the small businesses, the breakthrough technologies that die stillborn because capital was diverted to political pet projects. Modern economies don't multiply wealth through redistribution any more than you create water by moving it between buckets.

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Today, the Dutch parliament has decided to approve the tax on realized gains. That means: 36% on realized gains on #Bitcoin, and stocks. This will be going in practice on the 1st of January 2028. Complete insanity. What does this exactly mean? Well, the Netherlands have been great when it comes to taxing Bitcoin. For instance, if you had 1 Bitcoin on 1st of January 2023 and it's worth $100,000. You're paying ~1.5-2.0% tax on that, which is $1,500-2,000. Let's say, it goes up to $200,000. Then, again, you're paying 1.5-2.0% tax on that, which means $3,000-4,000. Now, in the new situation, the law will say: The $100,000 gain that you've made, you'll be taxed 36% on that. $36,000 goes to the government. This means that you're FORCED to sell your liquid $BTC in order to pay the government even more taxes. The actual tax rate in the Netherlands is 80%. Absolutely, fucking, wild scenes and insane that we all accept this.

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