The downside to a music tax is the nebulous coffers into which the money goes. I don't believe artists/musicians will really benefit from it.
My belief is that music is heading back to a wide open frontier if artists/bands/musicians are willing to work it. Live music is not dead and will come back as an alternative to the other forms of entertainment.
If/when musicians build a following, their audience will buy the music. The upside is, the band potentially sees more money than they would otherwise working for a corporation i.e. record company.
Granted, the internet isn't going anywhere either. Folks will continue to download and share music. My thought is that if a band is good, they will get paid regardless. No music tax. 
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PD
"Remember when... is the lowest form of conversation."--Tony Soprano
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