A high state tax on capital gains is also bad because it tends to be volatile, causing big budgetary problems.

征收很高的资本收益毫无益处，因为这样的话收益会变动，从而引起预算方面的问题。

youdao

For simplicity, we assume that you hang onto the growth stock until the 20 years is up, at which point you owe a 20% capital gains tax (state and federal combined) on all the appreciation.

FORBES: What's So Great About Roth?

The tax deferral strategy pays off faster if your capital gains are subject to state income tax as well as federal tax, Thomas notes.

FORBES: Taking Capital Gains In 2010 Might Be A Mistake

It has no state capital-gains or income tax, and a business-friendly and immigrant-tolerant attitude.

ECONOMIST: California v Texas