As inflation batters the economy, taxation is being advertised like a miracle drug. One idea is the “billionaire tax.” Another is for the IRS to expand its auditing of individual tax returns.

In Washington, D.C., policymakers must tread carefully. Taxation is the wrong way to battle inflation. It has never worked, nor will it ever. Making the wealthy “pay their fair share” may be a popular talking point, but it will do nothing to slow price increases. To quote Milton Friedman: “Inflation is always and everywhere a monetary phenomenon.”