rehctub,
yeah, sound idea & do away with income tax altogether as an incentive. Looking at the income tax deduction at each pay is demoralising enough when we know up front that that's merely the very first tax we pay. I don't believe people would necessarily put too much money away & out of circulation but it would give many a sense of finacial security having more funds in the Bank & accept that whenever they spend to buy they pay tax. That's how Government should work, alas.

Indi, if such a tax were implemented, I alone would be some $18K per year better of just in PAYG tax. If this can't stimulate the economy what can, because there wold be billions each year in extra dollars floating around, collecting a very small tax each and every time a transaction is made. It would be money making money, as opposed to the 'one off' PAYG tax that we have now.

It has been suggested that every other tax would be gone, along with all write off and write downs I would assume, and there would be no escaping the tax, even from the multi nations as every financial transaction would attract a tax. Traders and the like would obviously have a much lower FTT. Nobody is game to try it though. Go figure!

rechtub,
the transaction Tax is the way to go, that's the beauty of the didgital age, no escape from contributing for the good of all. yet, ironically, the very organisations that pushed the internet onto us are in fact the ones fighting against this one exceptionally fair use of it.
If only we could fing a way of taxing greed & stupidity, the coffers would be overflowing within days of implementation. We could always promise those having to pay the most that their contributions remain anonymous.

Yes but you only pay the most if you earn the most, what's unfair about that. Our money would do the rest.