This is only true if you sell shares and realize a profit on an annual basis. As soon as you start deferring, as virtually every shareholder does, the math fund

This is only true if you sell shares and realize a profit on an annual basis. As soon as you start deferring, as virtually every shareholder does, the math fundamentally changes. In reality the “double tax” is still significantly lower than the top tax rates in the US. And the top tax rates in the US are less than half of what they used to be during the years Donald Trump thought America was great.