Inflation is only a tax on wealth that is not invested. Literally cash under mattresses.

Investments in real estate, equities, commodities etc all increase in notional value to factor in the devalued currency.

And then it gets capital gains taxed when you sell it.

That's sort of true, but I'm not sure if that the inflation effects are truly a "tax on wealth". Inflation is a tax on everybody, holding a wide range of assets in that sense. Also because it's driven by inflation, those proceeds to the government are also just growth of proceeds needed to buffer against inflation in the goods that government purchases.

Edit: Thinking about it a bit more. Inflation would also tend to drive up the numerical profits of companies, which will tend to buffer a stock price for example. So I'm not sure how this inflation independently contributes much of a specific tax on the wealth.

How is inflation a tax on people who has zero wealth?

The prices they pay for goods go up...

The salaries do go up as well.

No, they don't. That's by design.

https://krugman.blogs.nytimes.com/2010/02/13/the-case-for-hi...

It's right there in plain English: Inflation exists as a policy to screw "workers" out of the value of their wages.

Workers is a nicer way to say lower classes. It doesn't include investors, financial sector, etc, who strongly benefit from inflation.

What he says is that high inflation makes posible for real wages to adjust (without cutting nominal wages) when such an adjustment is required. The price of labor fluctuates as the price of everything else, including capital, and when there is unemployment (lower demand of labor) wages would need to go down but they are “sticky”. These are cyclical adjustments.

And that mechanism doesn't work, unless their salaries don't keep up with inflation. Notably, this relationship is asymmetric, since there is no corresponding way to increase labor wages without giving a pay raise.

Salaries can grow faster than inflation at other times, keeping them aligned over the long term.

you've never been poor, have you?

Wage data seems to say that it's growth does not match the amount that corporate valuations nor their profits. Nor does it match the growth of costs for longer term societal needs such as healthcare nor education... On the other hand large accumulations of wealth have had no such growth problems - let alone vs inflation.

So yes salaries go up, but not in concert with people's costs nor with the value that is generated by people's labor.

The question was if inflation can be considered a tax on wealthy and unwealthy alike, not how do real wages evolve compared to corporate valuations or whatever. In reality inflation is not even a tax on wealth, at most it is a tax on cash and financial assets (loans, bonds, etc.) and for the latter only inasmuch as the inflation exceeds the expectations.