I think a 1 cent per impression ad tax would have a very positive impact on a lot of the internet. It doesn't destroy the advertising industry entirely, because there are still plenty of ads profitable at that point. A lot of the bullshit the advertising industry is subjecting us to isn't about those ads, where the signal is bright and clear and easy to monetize; it's about chasing the long tail and extracting every last ounce of data to make that stuff profitable, heedless of the societal damage it can cause.
And the personal tracking side would still exist, it would just happen before showing the impression, to identify you and calculate whether the 1 cent is worth it for you.
I've encountered this argument before on HN now, and the problem is, you're accounting for all this tracking as being free. It isn't. It's actually very expensive. The tracking has to work in a world where impressions are much more expensive, and consequently, the demand for ads has shrunk along with its total market.
The entire purpose of this tax is put the industry in a new set point where it can't afford all this tracking. It can only afford very high-return things, which we can't really stop anyhow. It can't afford to hoover up every email you've ever written and subject it to high-quality ML learning run by a team of 25 PhDs with hundreds of support staff behind them with effectively unlimited hardware budgets to squeeze an additional 3 lifetime cents from everybody in the world in a world where ads have a cost floor of 1 cent rather than their current .000001 cents (or however many zeros it may have, it's enough).
(Those numbers may seem weird to you, because we are not good at working at large scales of factors of magnitude. But 3 cents over the liftime of seven billion people on Earth is 210 million dollars. This is the fundamental reason why the ad industry is so dangerous; it is not only worth it, but trivially worth it, to spend 100 million dollars to build a system for invading your privacy if it will net them just a few more pennies. We need to strike at that value calculation, not fritter around the edges.)