b/c Wall Street is the big boogeyman that is easy to blame. they're certainly not blameless but Dems are going about it the wrong way.
This was already done in EU. The result was always a loss of income for the government. People changed their behavior and investments due to taxation. So the expected income that was based on the actual volume of transactions was way off in reality as volume shifted to non taxed products or even to other countries.
I bet the Gulf States would then take over the US stockmarkets. They have the money and are looking for new economical activities once the oil is finished. The financial center would move to Dubai, Kuwait, UAE. And the economical damage will stay in the US. In Belgium exist an exchange fee and since 2016 a speculation tax. Since the introduction of the speculation tax, paid stock exchange taxes fell by 55%. The two taxes together fell 29% short of the stock exchange tax only in the last year. So raising taxes or introducing new taxes diminished the total amount of taxes collected. Like predicted (Laffer curb). Anders Borg, Sweden's finance minister, has told that a European financial transaction tax won't work, citing his countries own experiment with the tax. When Sweden began taxing financial transactions in the 1980s, "between 90%-99% of traders in bonds, equities and derivatives moved out of Stockholm to London," Borg said. "The impact was basically that we did not get any tax revenue. It brought in very little tax money while moving most of the businesses outside of Sweden. "We abandoned [the tax] because it was a very, very bad functioning tax." Sweden implemented its tax in 1984. It was a 0.5% tax on a purchase or sale of an equity security. It was doubled in 1986 and subsequently lowered. In 1991 the tax was abolished following disappointing revenues.
Sounds like someone was doing an internship with the idiots of the european soviet union where this kind of stupid ideas are mega popular.
OK - let's all move to Eurex. I can't see any other outcome, personally. Even better if the EU do the same thing - it'll all be in London!