There is enough data to declare that a transaction tax is a loser. Canada tried it. The bid&#x2F;ask spread rose 9%. This resulted in a transfer of wealth from retail investors to institutional ones.<p><a href="http:&#x2F;&#x2F;qed.econ.queensu.ca&#x2F;pub&#x2F;faculty&#x2F;milne&#x2F;322&#x2F;IIROC_FeeChange_submission_KM_AP3.pdf" rel="nofollow">http:&#x2F;&#x2F;qed.econ.queensu.ca&#x2F;pub&#x2F;faculty&#x2F;milne&#x2F;322&#x2F;IIROC_FeeCh...</a>