A new Tax of 0.25% per Trade?

One congressman wants to tax the value of all trades one quarter of 1%. The man who introduced the bill is congressman Peter Defazio Democrat from Oregon. These were his comments on Fox News:

" Well you know we heard this before 1932, when congress doubled the then tax of point 22%. Devastatingly diminish banking business threaten the country's banking structure, possible closing of the stock exchange. The stock exchange at that point was that 41. Congress doubled the tax and use the money to rebuild America. And then of course the stock exchange went up to a thousand before the tax was allowed -- in 1966. The brits have a tax of one half of 1% of all trades on the London exchange I think people are still doing business there aren't --"

One thing is for sure, if this tax goes through the Dow Jones will trade below 5,000 in a nutshell.