Bite of Capital Gains Taxes Can Be Eased, as Greenspan Foresaw, by Adjusting for Inflation

Why, asked ‘the Maestro,’ should anyone have to pay taxes on fake appreciation driven by a declining currency rather than a real gain?

When the former Federal Reserve chairman, Alan Greenspan, died at 100, the tributes to him were amazing. He had been appointed on a bipartisan basis by four presidents — Ronald Reagan, George H.W. Bush, Bill Clinton, and George W. Bush.

Greenspan’s domination of economic dialogue — and his capable 19-year chairmanship of the Federal Reserve between 1987 …