Hell No.
That's the equivalent of taxing savings.

Nobody would trade shares if you had to give up a 10% margin straight off the top.
There would be less investment capital.
Projects wouldn't get started.
There would be less jobs created.
The economy would suffer.

We don't have a problem with tax.
We have a problem with policy and spending.

Dear Armchair Critic,

No worries. There will be a shitload of cash and people flowing into Australia from China over the next two decades to make sure everything keeps on track.

Don't think Australia anymore. Think in terms of us being a part of the great Chinese experience of this century. The future in Australia will be where the many know about the Year of the Dog etc and only a few know what Xmas is. And hopefully there will be bag loads of free fake $40K Rolexes for everyone.

We all realise what a daft and stupid idea this tax is, Why hasn't the Turnbull Government announced it as Malcolm's new tax policy? After all when it comes to daft and stupid tax policy, 15% GST, State income tax etc, no one beats Malcolm, he could have announced it during half time at the footy last night. It would dovetail well with the new Sex Tax, to be announced this week when Malcolm's opens the Nong Nong School Fate. Most importantly no one is to tell Scotty about this, Malcolm wants it to be a complete surprise for Scotty's budget.

Dear Paul1405,

The really important thing to keep in mind is that the GST increase to 15% and the double Federal-State taxing system have been publicly tabled by Turnbull and for all intents and purposes part of his election platform and will obviously be two of the things that he will claim to have been given a mandate to carry out if the Coalition get back in.

Paul,

The transaction tax is a populist policy only seriously considered by economic pinheads, which is why it is Greens policy:

http://www.greens-efa.eu/eu-financial-transaction-tax-14960.html

And why the coalition won't touch it with a barge pole.

If you want to see more bonehead populist brain farts you need look no further than:

http://greens.org.au/policies/global-economics

Hey Mr Opinion,
My comment wasn't in regard to allowing unlimited foreign investment in Australian companies listed on the ASX, but in taxing everyday Australian's who also may wish to own shares in these companies.