Taxing the wealthy may or may not be a good idea.

Shrinking the money supply is an awful idea. If money supply shrinks is decreases investment, increasing unemployment. Commerce stops (because people assume there money will be worth more in the future so they reduce spending) which increases unemployment more.

There's a reasonable debate to be bad about tax rates for wealthy people. I don't think any economist on either side of politics thinks decreasing money supply is a good idea.

Taxing the wealthy does not shrink the money supply unless you destroy the taxed money (which as we all know, the government will never do). In fact, it's probably inflationary, since most wealthy people have their money invested into assets and therefore that money is not being actively spent, but the government is going to immediately spend it.

It's not inflationary since it just reduces a deficit budget position slightly.