Writes Brian Dunaway:

From the article: “The proposed Biden top capital gains tax rate is more than twice as high as China’s rate. China’s capital gains tax rate is 20%. Is it wise to have higher taxes than China? And with Biden’s combined federal-state capital gains rate of 59% in California, residents will face a rate nearly three times as high as China.”

Wait … nearly three times as high as China? I thought China was communist, and the US was capitalist? I’m confused.

See here.