One more turn of the screw.
First, all of the high speed trading can just as easily happen in London, Tokyo, Hong Kong or Shanghai as it does in New York. Unless all the governments of the world start taxing it, it will flow somewhere.
Next, I bet the Democrats will spend the money based on static analysis ($1 per share, 1 trillion shares traded, ca-ching! one trillion new dollars to spend) even when they are talking about reducing some of the trading. A lot of those trades are based on fraction of a cent differences in stock value. Charge a few cents per share tax and they all disappear in the US.
When Democrats tax cigarettes or high velocity trading, people are expected do less of it.
But when Democrats increase taxes on America's most productive workers, Democrats expect those workers will produce as much or more than they did before the tax increase!
I’d prefer a small, insignificant tax on Congresspeople every time they open their mouths as if they know what the hell they are talking about.
The flood gates have been blown off now that the Republican establishment has caved or perhaps that was the intent all along, the race is on to see who can tax the most, who can find the most cleaver tax, who can come up with a solution to keep spending into infinity. We are headed for total collapse at some point. Economic, moral, spiritual, sociological, you name it, it will happen at some point. Its going to be a total free-for-all for the reprobates of society.