While I agree, one has to question why there is so much speculation in the first place.

The banks these days will give you 5% returns just sticking your money in a savings account – backed by a government guarantee in case the bank fails. That means housing needs to return something humongous to justify the greater risk.

Speculators can be wrong, but they are never random. There is something out there that makes them legitimately think that those humongous returns are quite possible. While a tax may serve as a bandaid to keep the infection away, what it is that is cutting us?