a 1% Tobin tax is extremely high. Most Tobin tax proposals have been a fraction of that amount and would still have significant distortionary effects according to any of the positive studies done.
I also do not see a problem with HFT or speculation on its own.
And why is this posted in Bitcoin Economics?
Most free-marketeers don't see are unable to see the incredible bias of all economists. They believe that free markets are the solution to all our woes and that all economists (at least on their side) have no stake in the fight.
Can I see some of those studies? It's likely that I've seen them before and that they are totally wrong, well not 'wrong' just biased in favor of those who produce nothing and suck of the real economy (not referring to speculation in general, just HFT). The resistance to a Tobin tax is not some benign triviality, it is through a lack of this tax that the system is largely gamed at present and there are people making an incredible pile of money in the process.
Let the people make a pile of money. Wealth is not limited unless you set it up that way from the start.