Don't know about post of the day, just the ravings of a tired accountant.
Many people have put forward models. From what I can find using ABS data, all level of Governments collect $380 billion a year of revenue. Using the May 2009 low of monthly payment settlements from the Australian Payment Clearing Association of approximately $3,600 billion per month, gives an annual payment clearing of $43,200 billion per year. 1% is $432 billion, enough to cover all level of Government revenue needs, plus a bit extra.
While many small parties have similar models (some collecting more or less tax), it is currently a bill before Congress in the US, which may or may not see the light of day. This is probably the easiest description I have seen, and come from a US website. I believe 1% works in the Australian context.
