Taxation is only one of several ways to mitigate inflation. However, inflation itself is greatly overblown as a problem in the economy and isn't really that tightly tethered to federal spending to begin with. Inflation, especially in a global economy that relies on outsourced production, is far more related to supply chain problems than it is to the money supply.

In fact, most inflation in the recent past has been due to issues with supply chains and the increase in the money supply was only a measure to allow people to purchase more expensive goods, such as energy that is fundamental to production. The focus on federal spending as the main cause of inflation is mostly propaganda and misdirection by lazy or politically motivated economists and pundits.

The current problems during this pandemic are an excellent example of this. Reducing the amount of money in circulation, the only real effect of higher taxation or reduced spending, would not have much effect on inflation caused by hiccups in the supply chain and would be cruel to those at the bottom of the income scale. It can also be very counterproductive in that it doesn't offer new bonds to provide secure investments and forces investors to accept higher risk, usually in rentseeking.