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Yes, that's the definition.

The problem is the amount. Going by this page[1], there's a net production of less than 30 million dollars per day. Let's round up to 11 billion per year. The M2 estimate[2] of US money supply is 13495 billion dollars. That's a seigniorage tax of less than a tenth of a percent per year. It's also less than a tenth of a percent of US GDP alone.

[1] https://www.factmonster.com/math/money/facts-about-us-money

[2] https://tradingeconomics.com/united-states/money-supply-m2



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