Inflation tax?

I keep hearing that inflation is a hidden tax on wealth but I've been thinking about it and I'm wondering who it really affects.

People in debt (or with debts) sort of benefit as the real debt value erodes over time. Yes, they pay interest but inflation reduces the real value of even the interest portion.

People with wealth probably have it invested in some asset that could provide inflation protection (real estate, stocks, etc.).

The inflation tax seems to mostly affect those with large piles of cash, but nobody is forced into that position. What am I missing?




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