I read something about this too, but the proposal was to take 4% of the amount traded which would generate $8 Trillion a year. This would replaced every tax paid by taxpayers at ever4y level of govt. No more taxes on property, or state sales tax.
Your math is wrong, snce you left out the Congressional Multiplier Factor from your equation.
This tax would not begin to replace the rest, because they would still collect and spend BOTH, while borrowing still more to cover "essentials" that there wouldn't be enough money coming in to pay for.
If you want proof of that, go back and see what happened to spending every time a new tax was added to the mix.
Spending ALWAYS increases by at least 110% of available revenue increases.