To solve the problems that the world is facing will not only require a willingness and political resolve it will require a lot of money. The present tax code as well as those that have been advocated to replace it are all inadequate. The wealth that has been created should be beneficial to all of society. I cannot think of any deal or transaction that would be hindered by levying one tenth of one percent on the monetary value of the deal or transaction. The stock market has evolved into a huge gambling casino.
Day traders move huge amounts of money.
Sometimes overnight or many times in one day. This is the kind of activity that brings instability and fragility causing the huge fluctuations that continue to take place. No longer would investors have to pay capital gains taxes or profits taxes. Section 8 of the Constitution gives Congress power to raise taxes. It does not specify what to tax, this is left to the discretion of the Congress.