It's not about the loans.

It's about the trillions sitting in everyone's retirement accounts.

MemphisAg1 said:

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To double down on the stupidity, a lot of your unrealized gain can be due simply to inflation. Why the hell should you pay taxes on inflation?

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Good question. And not just for capital gains, but for interest on savings account. Say that you have $100k in an account that pays 1%, but inflation is 5%. You've nominally made $1000 (and have to pay tax on it), but your money is worth $4000 less. Why shouldn't you be allowed to deduct that loss due to inflation?