@Palsvig: Agreed on everything (we propose the same in our work). However, I don

@Palsvig:
Agreed on everything (we propose the same in our work). However, I don’t see any estimates, and the numbers are necessary to persuade the populations:

I’ll use the USA because that’s the information I have to work with.

Annually: Over $900 trillion (Fedwire) + $128.51 trillion (non-cash payments) = Over $1,028.51 trillion. And one percent of $1,028.51 trillion is $10.2851 trillion.

Federal Revenue (Fiscal Year 2023)
Total Revenue: Approximately $4.9 trillion
Individual Income Taxes: $2.6 trillion
Payroll Taxes: $1.4 trillion
Corporate Income Taxes: $450 billion
Other Sources: $450 billion (including excise taxes, tariffs, etc.)

Federal Spending (Fiscal Year 2023)
Total Spending: Approximately $6.3 trillion
Major Categories:Social Security: $1.2 trillion
Medicare and Medicaid: $1.4 trillion
Defense: $800 billion
Interest on Debt: $400 billion
Other Programs: $2.5 trillion

Budget Deficit (Fiscal Year 2023)
Deficit: $1.4 trillion (Total Spending $6.3 trillion – Total Revenue $4.9 trillion)

POSITIVE RESULT
The USA could not only cover the deficit, but could also pay down it’s deficit, and possibly further subsidize medical costs.

NEGATIVE RESULT
It would cause financial institutions to move transactions to other countries and would result in more than a minimum amount of capital flight. I can see the UK, formerly the banker of choice, to restore its position by NOT charging these rates. In other words, unless we were able to cause many countries to do so then it will produce less revenue than expected.

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