Yeah. More to the point, you're taxed on capital gains in dollar terms. Cash is 1:1 with dollars -- it will always have exactly zero in capital gains. So in

Yeah. More to the point, you're taxed on capital gains in dollar terms. Cash is 1:1 with dollars -- it will always have exactly zero in capital gains. So in some sense you are taxed on capital gains of cash you use to buy things -- it's just exactly $0.