Ralph Nader's article (link) touches upon some interesting subjects. I believe he's correct in his assessment of the nature of taxation, for while it is primarily to generate revenue for the state, its secondary purpose has been, for a very long time, to divert people and organizations away from less desirable legal activities and towards those that are less expensive to society.
I have not run the numbers myself (nor, in all honesty, do I expect myself to), but the massive scale of those speculative buys on stock indicates that he's got a good bet to be right about the volume of revenue generated from the potential taxation. I understand, however, that businesses would be very wary of such taxation; the purchase of another company would now be a taxable purchase in a way that it wasn't before, as there'd be a tax on the shares bought. I can hear many people rumbling about how this would interfere with business or discourage investment, but I don't believe it for the same reason that I don't believe when people tell me that taxes discourage work.
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