Nixon proved that price controls didn’t work. But price controls aren’t socialism. Socialism would be for the government to buy the oil refineries the oil companies refuse to reopen and build it’s own infant formula factories.
A tax increase would be the best way to kill inflation but not a tax increase on the poor but on the well off. They continue to spend and spend and spend and spend and don’t care how much things cost. Repealing Trump’s tax scam would also reduce budget deficits. Ending protective tariffs would also reduce inflation but many of the same people who complain about inflation also want everything produced in the United States notwithstanding the fact that that increases costs for consumers and businesses. And the idea of lowering wages is another example of bad government regulation.