Max can't stand a tag on anything---will rip it off immediately! I wouldn't worry about something that small if it is soft/no sharp edges. We have learned to remove tags from everything (including throw rugs/mats)!
He grabbed the thing out of my hand....ripped the tag off and then brought it back to me! He had the tag in his belly with in 2 seconds flat. I forgot the little tag was on there because I just bought a second one to try to "fetch".
Did you ever see the show "My dog ate what"? This one little dog ate a pair of thong undies.....twice!!!! The first time the dog passed it but the second pair I think she had to get operated on. Then there was a Mastif that ate 3 tennis balls, just swallowed them lol crazy show.