It is also worth noting that just as equities prices have fallen from historic highs, so too have corporate bond prices fallen from historic highs. https://www.rba.gov.au/speeches/2020/sp-dg-2020-03-11.html  8/12  11/03/2020  The Virus and the Australian Economy | Speeches | RBA  Graph 8  Liquidity in fixed income markets has been poor at times, including in US Treasuries.
In most countries, tax systems are based on nominal values – in other words, these systems are not adjusted to a rise in the price level. In such systems, inflation has the effect of an additional tax on investment and labour income and produces considerable wealth losses.