That's a fair critique. I understand the Dutch tax replaces capital gains with a fixed amount based on your total wealth (not your gain). So a fair comparison w

That's a fair critique. I understand the Dutch tax replaces capital gains with a fixed amount based on your total wealth (not your gain). So a fair comparison with California should probably include an additional amount for California's CGT. They present it in the Netherlands as if you are paying 30% "capital gains" tax on an assumed-fixed gain of 5.28%, your actual gain becoming irrelevant under this system. You also pay this earlier - annually, not at the point of realising the profit. Overall, the Dutch total tax on wealth is still going to be considerably higher.