Europe seems determined to make sure citizens not only own nothing, but that the continent's economy is left in a shambles. The Netherlands announced it was introducing a 36 percent tax on unrealized capital gains, and now Scotland is going to impose a wealth tax that will steal from people based on the value of their property, their pensions, and even the jewelry they own.
Relieving citizens of their jewellery has weird echoes in history that I just can’t shake. pic.twitter.com/N4ThJTJuKU
— Bruce Bowman (@boswelltoday) February 23, 2026
The Scottish government plans to impose a wealth tax that could force people to pay an annual sum based on the value of assets such as homes, savings, pensions and even jewellery.
The SNP is exploring options linked to the move and has appointed a market research company to assess “opportunities, challenges and practical considerations associated with introducing wealth taxation in Scotland”. The private firm will examine academic research and expert evidence to provide “analysis of relevant international examples of wealth taxation”.
The details of the possible tax comes after the Scottish budget last month, which pushed thousands more people into paying higher rates of income tax, and proposed a tax on higher-value homes.
Wealth tax differs from other taxes linked to earnings or purchases because it levies a charge based on the value of assets owned by someone, even if the items are neither bought nor sold.
The Times pointed out that a one percent wealth tax in Norway, which was levied on assets valued at more than £132,000 ($178,443), drove hundreds to leave the country. France scrapped a similar idea in 2018 after wealthy residents left the country and revenue raised was "minimal."
I bet there will an exemption for Le Creuset cookware if you happen to belong to the SNP.
— Steven Richards (@PantheraSteven) February 23, 2026
They're special, of course.
Pay the highest tax in the UK then buy anything with residual income and it must be taxed again. Anybody voting SNP needs their head read
— Ollyp3 (@ollyp3) February 23, 2026
Yes, they do.
What if a person lives in Scotland, but the 'wealth' is outside Scotland?
— Morph (@Morphington) February 23, 2026
Asking for a few pension providers.
That money belongs to the SNP, too.
Wait for the 'exit tax' when people start moving south in higher numbers.
— MintSauceSarnie 🥪 (@MintSauceSarnie) February 23, 2026
That's the next step.
@theSNP taxing jewellery? What utter f***ing bollocks is this. There's only so much blood you can take before we are all dead. I cant believe I was ever a member of your party. Youre just communists. Actual communists with this shyte. Should combine with labour. No difference https://t.co/5VzoR7OGI8
— Little Lotte (@lottalottebotte) February 23, 2026
You have every right to be mad.
And of course, these plans don't stay in Europe. There are American politicians who would love to pass such wealth taxes. California is already doing that, and the Biden administration tried to levy a tax on unrealized capital gains. We have the benefit of watching Scotland and the Netherlands enact these disastrous policies first, so we can learn from their mistakes.
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