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Yes. Definitely.
Especially if you factor the upwards drag into higher rate tax bands. Which is why I have a gripe with CGT and people like Sunak paying an effective tax rate in the low twenties, and lack of courage and imagination on tech multinationals.
(I realise properly funding early years childcare would drastically change my e.g.)
hugo7
Isn't that one of the problems with asset inflation? Even people earning a shit load don't feel that rich because it's so expensive to buy e.g. a big family home. So no one regards themselves as rich, which makes the "tax the people with more than me" effect stronger than it would be otherwise