In the US at least they're still still taxed for capital gains, but the capital gains tax doesn't account for inflation. So if there's 2% inflation that causes the value of your stocks to rise by 2%, that is taxed as a capital gain, so in real teams you have less money afterwards. Non-inflation-adjusted capital gains tax is essentially a wealth tax.

Fair point. But assumes Bezos doesn't loophole capital gains taxes to 0, which I could be wrong about but i feel like he does. That effect will also be maxed out to cap gains rates.