"cause income inflation. It will eat away at the wealth of the rich far faster than taxation would and they can't run away" I'm not sure what "income inflation

"cause income inflation. It will eat away at the wealth of the rich far faster than taxation would and they can't run away" I'm not sure what "income inflation" is, so assuming it's just currency inflation, that may be a bad move as the rich hedge their wealth better than the poor. Also, for US the inflation is not easy to do, for it being a global traded currency. The most important thing to realize though, is that those rich people living in your country is in fact wealth accumulated (mostly) by your country. You can have the chance to bid those rich for many things that will benefit society at broad and there is a high chance that they will care about the things happening in your shared county/state/country more than about what happens somewhere else. The smart move is to find ways to tap into that wealth by enrolling their cooperation instead of looking for effective ways to cut that wealth away.