Yes, but one of those second order effects of inflation is the relentless drive for growth that's burning people out and contributing to climate change: inflation causes those with the most money to demand higher and higher rates of return on their investments (to keep up with inflation), which drives management (through pressure from the board) to drive organizations harder and harder, often to the detriment of long term objectives.
I would argue that drastically cutting inflation might help reduce income inequality over time.
The problem is the rich have lots of options so you need to consider second order effects. If you print lots of money (as we are now), people and especially the rich tend to exchange their dollars for assets, such as stocks, art, etc. If you attempt to tax those assets as well, people will purchase other untaxed assets.
I'm also not sure it actually matters as much as people think. It's not like Gates, Bezos, Zuckerberg, or Musk are using their funds to compete with the average person, IE buy up all the beef. Them having less really won't make us more efficient at producing food or increase the amount of housing available in cities.