So interesting that we could find Spud contradicting himself if we bothered to go looking:
We also need to raise taxes on the wealthy for three reasons. The first is that the government needs to spend more as a proportion of GDP in both the short and long term and that will require that the inflationary impact of that spending be removed from the economy by making extra demand on those best able to meet it.
But taxing the wealthy doesn’t reduce inflation. Because it doesn;t reduce comnsumption. Wealthy people maintain their lifestyle by just saving less and keeping consumption constant. As Spud has told us a number of times. Therefore taxing the wealthy doesn;t reduce the inflation stemming from higher government spending.