Who Would Lose?
Who wins and who loses with a payment tax? Based on discussions with managers of financial assets, most are very supportive of a payment tax, as they, too, would be better off than they are under the current system. In other words, just as the poor, the middle class, and the moderately wealthy would do better, the ultra-wealthy would also do better. The reason is quite simple: the valuation of financial assets is indexed to real wealth in the world, therefore, if the material economy does better, financial assets in the monetary economy are worth even more. Thus, the increase in the value of financial assets would be greater than the cost of a payments tax to those who own financial assets.
Indeed, some will be against a payment tax simply because it represents a change from the status quo. There are also those whose livelihoods would be affected. The tax preparation industry would lose most of its business, and the staff at the IRS would be trimmed, as it would not take as many people to enforce compliance with a payment tax as it does to enforce income taxes. Likewise, those who profit from tax shelters would have to find other work.