Taxing the winners of the COVID crisis for the benefit of the losers, or using money creation?

The choice that has been made since the start of the COVID crisis in OECD countries is to provide comprehensive support for households and companies, using fiscal deficits financed by money creation. The result of this policy, with which fiscal deficits have offset the loss of GDP, has been a very significant accumulation of cash reserves, due to forced savings resulting from the physical inability to consume or invest. The advantage of this solution has been that all economic agents have received support and their income has been maintained; the drawback has been massive money creation, leading to the risk of asset price bubbles, and many windfall effects in government transfer payments. Another solution has not been considered: instead of providing overall economic support to all economic agents, one could carry out a transfer between economic agents by taxing the "winners" of the crisis (companies whose growth has accelerated, employees in growth sectors) in favour of the "losers" of the crisis (companies and employees in troubled sectors). This solution, which is too complicated technically and politically, was not retained.