The Transaction Tax

In the US, a transaction tax of just 0.35% could raise enough revenue to balance our federal budget, while shrinking the IRS and saving trillions of dollars.   Under a transaction tax, every individual, rich or poor, and every company, big or small, would pay the same flat tax on transactions. The tax would be progressive because wealthy individuals and corporations conduct the most transactions, and it would be fair because no interest group could avoid it through loopholes or illegal means. With everybody paying their equal share, we would all benefit from much lower tax burdens, more money in our pockets and a growing economy.