Inflation is a progressive tax, but in the opposite direction we normally expect. The wealthy hold a much smaller proportion of their wealth in cash than do the poor so inflation is, in fact, a way to extract more wealth from the poor.

The rich tend hold their wealth in stock, land, and other assets. Most of which inflation is mostly neutral or beneficial to. The dollar value of TSLA goes up in response to general inflation, but the purchasing power generally remains the same.