The Netherlands’ House of Representatives approved a proposal for a 36% capital gains tax on savings and liquid investments, including cryptocurrencies. The bill received 93 votes in favor, reaching the required threshold. Critics fear the tax will drive capital out of the country to more tax-friendly jurisdictions, potentially causing an exodus of investors. If passed by the Dutch Senate, the law will take effect in 2028.

Investors and analysts are criticizing the proposed tax, with concerns that it could lead to a significant capital flight from the Netherlands. The new tax could impact long-term investments, reducing potential gains by substantial amounts. Industry experts warn that similar tax measures have backfired in the past, leading to negative consequences for the economy and investment landscape.

In the United States, tech executives are also facing tax-related challenges, with California proposing a wealth tax on billionaires. The 5% tax on net worth above $1 billion has sparked outrage among the tech community, leading some entrepreneurs to consider leaving the state. The move highlights the ongoing debate around taxing high-net-worth individuals and its potential impact on economic growth.

Read more at Cointelegraph: Netherlands Lower Chamber Passes 36% Tax Proposal Before Passing to Senate