“For all one hears about, say, 1914, 1929, 1945, 1968, 1989, and 2001, 1913 may well be the most important year in modern American—if not modern world—history. In 1913, the last three major reforms of the Progressive era were enacted: the direct election of senators; the federal income tax…; and the Federal Reserve System of central banking. Today, the direct election of senators is a footnote to history. The income tax and the Federal Reserve, however, have rather shaped life as we have known it in the century since 1913.”
https://www.forbes.com/sites/briandomitrovic/2013/01/22/dreading-2013s-big-centennials/#159a2ca16817
It is variously called a “transactions tax,” a “financial transactions tax,” a “security transaction excise tax” or a Tobin tax (after the Nobel Prize-winning economist James Tobin, who famously argued for its application to foreign exchange purchases in the late 1970s).
By any name, Wall Street hates it, because it would cut into trading profits. But proponents like Dean Baker, co-director of the Center for Economic and Policy Research assert that it would primarily affect short-term “noise traders” and discourage speculation rather than productive investment.
Less speculation could lead to less volatility in prices, encouraging long-term investors.
Further, a sales tax on Wall Street of 0.5 percent could raise up to $175 billion in tax revenue a year, even if, by discouraging frequent trades, it cuts the total number of transactions in half.
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