Replying to Avatar Dr. Bitcoin, MD

Suppose you buy something for $100 and sell it for $120 later. You pay tax on $20.

But what if the $120 buys less than the $100? We do we pay tax on our lost purchasing power?
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chancellor 1y ago

So you're referring to paying capital gains tax? Like securities or ordinary income?

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Dr. Bitcoin, MD 1y ago

Yeah. Basically any tax the federal government gained the power to levy by the 16th amendment to the constitution.