It wouldn't "destroy" the market, saying that is hyperbole and lowers the credibility of opposition to this bill. End-users are enough to have *some* market activity - for example the real estate market only has end-users, there are no intraday dealers in real estate. However, what it would do is slash liquidity and volumes. You can sell a stock in a few seconds, at close to the last advertised price. To sell a house takes weeks to months, and you often have a 10% bid-offer spread. Imagine the benefits if you could sell your house quickly at a 0.1% spread, or buy a house just as easily. Killing off intraday trading, which this tax will do, will have that kind of effect - higher costs, wider spreads, less liquidity etc. There is a reason it was repealed in the 1960s in the USA, and why even socialist Sweden repealed it after a failed experiment in the 1980s. In the UK it is avoided by a market-maker exemption loophole, which just allows registered firms to get the profits rather than a more competitive level playing field open to all - not exactly good for the retail or institutional end-user, and rather nepotistic, helping out City elites, the opposite of the intent of the bill.
This is the only way this bill will pass. With exemptions it will get lots of support & lobbying for the elites of Wall Street.