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Terrible name. Make it 1% and call it the 1% Wall Street sales tax here in the United States. With their high frequency trading computers and flash trading there needs to be a 1 or 2% tax for every trade.
A small financial transaction tax would solve the flashing trading problem which caused the flash crash and it would help discourage speculation (which is all flash trading is) and encourage longer term investing. That said, it would probably lead to more market volatility over all though by how much is unknown.
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