@SteveRoth if the state creates a new expenditure, transferring income generated by the asset broadly rather than to the not-very-wealthy, well, that transfer is likely inflationary, whatever it was financed from. analytically, i think we can mostly separate the disinflationary impulse of the tax from the inflationary impulse of the transfer, and would probably score the whole thing as net inflationary, as it's a redistribution of income from rich to less rich. /fin