Ideally, the United States would impose a tax on financial transactions similar to the one now being debated in the euro zone. While the city could not impose a large tax on the industry for fear of driving away business, certainly a very modest tax – say 0.01% would be doable. Goldman Sachs and JP Morgan will not pick up stakes and move across the river over a tax of one hundredth of a percent. A tax of this size could raise billions of dollars a year.