The situation is not that inflation makes your savings less valuable, it is that your non-dollar assets become nominally more valuable partly due to inflation, and that nominal-only gain is taxed.
Say you bought a famous painting for $10 million in 1990 money, and sold it for $20 million in 2020 money. The IRS sees (and taxes) a gain of $10 million, but actually your painting didn’t gain at all: dollars just became less valuable.
The situation is not that inflation makes your savings less valuable, it is that your non-dollar assets become nominally more valuable partly due to inflation, and that nominal-only gain is taxed.
Say you bought a famous painting for $10 million in 1990 money, and sold it for $20 million in 2020 money. The IRS sees (and taxes) a gain of $10 million, but actually your painting didn’t gain at all: dollars just became less valuable.