The term “Tobin taxes” may be thought of as a general reference to taxes imposed upon financial transactions. Tobin or transaction taxes are motivated by the prospect of generating revenue; and, the prospect of dampening speculative activities and reducing market volatility. This article provides a review of actual experience in the context of the New York Eurobond markets, Japanese stock markets, Swedish financial markets, Taiwan futures markets, U.K. stock markets and U.S. futures markets. The evidence generally refutes the concept that Tobin or transaction taxes result in significant revenue collections or mute volatility. When applied in practice, such taxes resulted in diminished liquidity, increased higher volatility and detracted from the price discovery function. Further, such taxes tended to create a “tax arbitrage,” driving financial business to alternate trading venues, resulting in insignificant revenue collections.