Here's another. Hitting an economy just emerging from the deepest recession since WW2 with tax rises on this scale would stamp it into the ground. (And before lefties screech at me, so would spending cuts). https://twitter.com/julianHjessop/status/1299986136706711553

All tax rises are contractionary. It doesn't matter who you tax. Taxing the rich may be less contractionary than cutting the benefits of the poor, but that doesn't make it a good idea in the aftermath of a recession.

If we need some forced saving at medium income levels to ward off inflation, the government could follow Keynes's advice and issue bonds directly to the public. How about some green investment bonds?