Yep. Which is why a progressive tax like that is literally the Second Plank of the Communist Manifesto.

It was unconstitutional when the Progs initially tried it, so they got their foot in the door with a Constitutional amendment paired with a sneaky first version of it. It was originally a tiny tax that even the uber rich would pay. The top rate was 6% and that only kicked in for money over 500K a year (about 12M a year in today's dollars). Below that the rate fell off to almost zero for the vast majority of the middle class. Now look where we are.

Inflation is an intentional tax. When paired with a progressive income tax it becomes a powerful transfer of the value of your labor to the government, corporations, and those who vote to keep them in power.

Hence Alexis de Tocqueville's famous quote: “The American Republic will endure until the day Congress discovers that it can bribe the public with the public's money.”