So take away some money from the 0.01% to compensate. Since that select group of people holds 20% of the total wealth in the US, there's plenty of wiggle room.
This idea just shows the confusion most people have between resources and money.
No matter how much you take away from those 0.01% of people, it’s not going to do much to fight the inflation of the goods that people are worried about the inflation of.
Let’s take food for example. Perhaps the 0.01% might consume 10x more food than regular people at most (factoring in waste). Even if the 0.01% were to be taxed to the point where they can eat nothing, it’s not going to create very much more supply of food for everyone else.
Then there is fuel. The ultra rich probably do consume a lot more of it when you factor in things like jet flights and such. But even if it’s 100x more, it’s not really freeing up so much to actually affect the market for it.
Now what taxing those guys might do is reduce the price of the goods that they do in fact consume more of. Things like housing where the rich will own a lot in order to generate revenue.
And indeed these productive assets were inflated significantly due to the loose monetary policy regime that we have been living in for some time.
But these are not the resources that most are concerned about with regard to cost of living at the moment. That’s food, fuel, etc.
