JonL:
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Flacaltenn, do you realize how much money is made on Wall Street simply through computer algorithms that can see trades coming down the tape and buy and sell in microseconds to take advantage of the spread? This is nothing more than a leech on top of what is mostly speculative gambling anyway. Taxing this would be a good thing if it increased revenue AND discouraged this parasitic drag on the market.
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Speculative Gambling heh? Yeah, I'd rather do it the Sandinista way, where the fearless leader gets up in the morning and DECLARES that shrimp ought to be $4.12/pound today.. Now THAT's efficiency in motion.. Later that afternoon all Nicaraguan shrimp boats unload in Honduras where they are paid $6.72/pound.. You're awfully dismissive about the trading and speculation market. Probably because there IS risk involved. And we all know that the goal of big government leftists is to BAN risk in all it's forms..
As for your tech adversions -- it was MUCH better when the appointed gate keepers could SIT on your market order and skim off on latent trades. Their floor yeller got trampled in the stampede and your order got lost. Today, companies get SUED for falling behind in orders by even a couple hours. I always say -- "just give me my Rolodex and file cabinets back and I'll compete with those computer nerds"..
Like I said before, churning is a good thing. If you impose a tax to lower the volume of the market trades, it's like trying to make polling more accurate by lowering your sample size. Try ANOTHER excuse to tax market trades. Maybe that one will stick..
And JonL: Before you try to label me as a NO man.. Did you miss the part where I was considering tax INCREASES?