Republican Senator Ted Cruz filed the Capital Gains Inflation Relief Act in February 2025, a proposal to index the purchase price of assets to inflation measured by the GDP deflator, in order to tax only real gains for assets held for at least three years, including stocks, tangible assets and digital assets such as Bitcoin. According to The Budget Lab, this indexation limited to new purchases would cost approximately $170 billion over ten years in the United States, and nearly $1 trillion in the case of retroactive application. In France, the tax system already partially compensates for inflation through the PEA (7.28 million accounts holding 114 billion euros in securities) and deductions related to holding period in real estate, but without revaluing the purchase price according to actual inflation. Economist Nathalie Janson points out that such a reform would be more consistent from an economic standpoint, but would primarily benefit households with savings capacity, representing 17.4% of French households holding marketable securities, including only 0.9% among the lowest wealth decile versus 66.9% for the top 1%.
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