>Typical wealth taxes are in the region of 1% per year; a 1% (additional) annual rate of inflation would have the same impact on wealth as the tax

Or to put it another way: a 50% rise in the "normal" level of inflation (assuming 2% target that most countries target). Moreover this is a bad comparison because most rich people don't keep their wealth in cash, they invest it which mostly shields it from inflation. You end up overstating the current costs that capital owners are paying.