In the United States, the tax structure is based on an obsolete manufacturing model. The basis of the taxes is the income tax and corporate tax. But the biggest sector of the economy much larger than manufacturing is the financial sector. The financial sector engages in many activities that might be charitably called gambling. A transaction tax aimed solely at the speculative practices of Wall Street would raise hundreds of billions of dollars. Perhaps the tax system could be restructured to take into consideration the simple fact of where money is made in America.
This is a British commercial for a “Robin Hood” tax. I believe we should use such a tax for general revenues. Further, there can be little doubt, the United States could raise far more money with such a banking tax than could the British.
In the United States, the middle class is a continual target for fees and local taxes. The tax system need to be rethought and a greater reliance placed on a single tax system.
James Pilant
Pilant's Business Ethics Blog 
I like that idea. Not only would it raise revenue, but a tax of that nature would make trading more expensive. This could serve as a moral ‘check and balance’ for the investors and traders. If they stand to lose more money, they may stop to consider their actions before doing something unethical or unnecessarily risky.
I also like the idea of the “Fair Tax” as its called. Its the taxation model that centers around a consumption or sales tax instead of an income tax. I like it because it cant be perceived as punishing those who work and earn a living. Also, it doesn’t matter if one has a legitimate job, is on welfare, a drug dealer, or an illegal immigrant. Everyone needs to buy milk, gas, and toilet paper. This model, I think, will solve the problem of only 49% of the population paying a net tax to Uncle Sam.
These are, of course, just my opinions on the matter.
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There is also a thing called a Tobin Tax on currency exchanges. It’s designed to stop speculation in international currency over the short term (a few days). That could raise billions of dollars but much more importantly less volatility in the currency market would boost foreign trade and make all international trading more secure.
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I like that idea as well. A tax on ANY speculative activity would be good to me.
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There have been suggestions with replacing the income tax with transaction taxes. However, I am more persuaded that such taxes used to discourage casino capitalism and raise money are a better value.
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