I'm not sure how you think this is a tax only on the rich and the corporations. Many middle class people have 401ks, IRAs, 529s, and brokerage accounts. These must be held at SEC institutions, and their fees are part of the cost. I'm not saying the SEC should be reduced, as I don't know if they have a surplus. But I am saying if you want to reduce taxes, this is still something that is a tax and can be looked into for efficiencies.