The "Robin Hood Tax"

That's the name Bernie Sanders has for a new tax required to pay for free college for everyone, plus cancel all existing student loan debt.  The key element is "a Wall Street speculation fee on investment houses, hedge funds, and other speculators of 0.5% on stock trades (50 cents for every $100 worth of stock), a 0.1% fee on bonds, and a 0.005% fee on derivatives."

By its terms, the new tax would also apply to 401(k) plans and IRAs, unless they limit their investments to certificates of deposit. So the impact would go far beyond the wolves of Wall Street, reaching the retirement savings of ordinary Americans.

This is a terrible idea.