The Cradle of Capitalism Has a Very Unpopular Plan to Tax Wealth

The Netherlands is gearing up for a new tax on paper profits, sparking public and political opposition and opening another front in the international push to target the wealthy.

From 2028, individual investors will have to pay a 36% charge every year on increases in the value of assets such as stocks, bonds and cryptocurrencies, even if they haven’t cashed in any of those bets. Some may have to pay for gains that have evaporated by the time tax bills arrive, or be forced to sell down portfolios to make payments.

Critics say the Netherlands — birthplace of the stock ...