I don't think there's much direct relationship between regulation and taxation. Regulation is not a pre-requisite for slapping an excise tax on an arbitrarily defined product, nor does the FDA have the power to tax anything.
I agree Rossum, there is no direct relationship... but that being said, regulation has a cost and the cost is usually paid through taxation or a fee schedule. In California a bill was passed years ago that required a super majority vote for new taxes, and since they have a hard time achieving that fees have become the new tax here because they can imposes fees at will. It amounts to taxation to me either way since I pay for that. I also think there is no way taxation will not occur if the deeming regs pass. Congress won't pass up the reasonable opportunity for revenue from ecigs. And if the deeming regs pass , at the very least, eliquid will be deemed a tobacco product I think taxes will be assured in very short order. But I like your optimistic view, maybe I'm just too pessimistic and should trust our government more

