The capital gains tax cuts off start-ups and smaller entrepreneurs from access to flows of capital. The tax makes society more wasteful, less innovative, and less dynamic. Original Article: “It’s Time to Abolish the Capital Gains Tax” This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Michael Stack.

President Biden’s ridiculously high spending proposals require equally ridiculous tax proposals. Among the craziest proposals is a massive increase in the capital gains tax rate. According to the Tax Foundation, Biden’s proposal would raise the top federal rate on capital gains tax to 43.4 percent. When accounting for state and local rates, the average top …