Printing money isn't a tax on wealth, it's a tax on dollar denominated wealth. If I have a $5 million dollar home and a $20 million dollar stock portfolio, and the dollar falls 2% tonight, tomorrow I probably have a (roughly) $5.1 million dollar home and $20.4 million dollar stock portfolio.
That said, I'm not convinced it's a terrible idea. What it would likely do is get businesses to stop sitting on cash reserves... if they do that by increasing production, that might lead good places. If they do it by fleeing into other assets, we'll just see the dollar crater. Increased demand expressed by those whose increase from the money they've been handed is less than their loss from inflation might mean that increasing production is the better move for them. I'm not sure I'd want to bet on it, though. Printing a portion of what is handed out (particularly in down times) seems less crazy.
That said, I'm not convinced it's a terrible idea. What it would likely do is get businesses to stop sitting on cash reserves... if they do that by increasing production, that might lead good places. If they do it by fleeing into other assets, we'll just see the dollar crater. Increased demand expressed by those whose increase from the money they've been handed is less than their loss from inflation might mean that increasing production is the better move for them. I'm not sure I'd want to bet on it, though. Printing a portion of what is handed out (particularly in down times) seems less crazy.