You are correct. Inflation affects the value of all assets whose value is frequently traded using currency (which is most of stock markets, property, etc). To

You are correct. Inflation affects the value of all assets whose value is frequently traded using currency (which is most of stock markets, property, etc). To argue otherwise would be to deny the seriously negative impact high inflation can have on all aspects of the economy. There are assets whose value is mostly not financial, e.g. physical, social, intellectual, or otherwise. These retain their value despite inflation. Nevertheless, I aimed to show that a modest 1% tax is not onerous compared to other impacts on accumulated wealth.