I believe that taxing Wall Street transactions would help our economy! Wall Street does have a major impact on our economy, but any income will help the deficit. Of course, our government needs to have better spending so we can eventually get our economy back on track. Since most people have a lot of money that participate in Wall Street, that should help out our economy!
This would be an excellent way to regain some of the money that is being hoarded among the filthy rich. All the questionable loans made to consumers were designed to benefit the Wall Street patrons, and it would help level the playing field if they were required to give some of it back. The important thing would be to determine what would be done with those taxes, because if they are siphoned off into defense expenditures then it would be a sheer waste of effort.
I think this needs to be taken in the same vain as the idea of income. There are some circumstances (using it for emergencies, college costs, house costs) where I do not think it needs to be taxed, but there are some situations where the value and the reasons make it easy to tax.
Say I invest $1000 in a stock. I have already paid federal income tax on that $1000. I sell it for $1200. I pay capital gains taxes on $200. Now you want to tax me again? Let's say I reinvest that $1200. I have already paid a federal income tax, a capital gains tax, & a "wall street" tax. Will you again tax my stock transaction? There will be a steep decline in investing which will negatively effect the economy overall. Not to mention the negative impact on those who invest for retirement.
I do not think this country should implement any new taxes of any kind whatsoever. We are already taxed for everything. It is not good business to let your profits be reduced. If a tax on Wall Street transactions were to go into effect, it would just get passed on down to the average consumers that buy stock.