Inflation is not deductible, so the US (and most other countries) have defacto wealth taxes to the tune of INFLATION RATE * CAPITAL GAINS TAX RATE, or roughly 0

Inflation is not deductible, so the US (and most other countries) have defacto wealth taxes to the tune of INFLATION RATE * CAPITAL GAINS TAX RATE, or roughly 0.48% annually to high earners in the USA.