An Inquiry Into The Principles Of Political Economy (volume 3)

An Inquiry Into The Principles Of Political Economy (volume 3)

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This historic book may have numerous typos, missing text or index. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. 1770. Not illustrated. Excerpt: ... small.premium above the rate at the time. By such means, the sum of the old capitals would be reduced, Then, upon the rise of the stocks, the interest on these subscriptions might be reduced again; from which a double benefit would result; the price of stocks would be supported on one hand, and the capitals of the public debts would be reduced on the other. chap. xiv. Recapitulation of the Fifth Book. Of Taxes..' Introd.t T A vi N G already explained the effect, si of taxes upon domestic circulation; it now rerflams to investigate the principles by which they are to be imposed on their proper objects. Chap. I. I divide taxes into proportional, which afsect consumption, or, more properly, what may be called expence; cumulative, which affect property-x and personal, which consist in personal service. These I explain by giving examples of each. Chap. If. Proportional taxes may be so imposed as to affect almost every expence of living; and as all expence should arise from income, not from stock, the first principle of taxation, is, to confine all impositions to income only: whatever affects a capital is oppressive and unjust. But as in all expence there is alienation, although in all alienation expence is not implied, the best method to avoid the mistake of taxing stock instead of income, is, to impose the tax in such a manner as to affect the consumers only; in which case, whoever buys to sell again will draw the tax completely back. Chap. iii. In this chapter, I fully explain the operation of drawing back proportional taxes. and a small benefit would accrue Book V. When the commodities charged with such taxes, r-v--' are either not consumed by purchasers, or by the industrious classes, they are constantly drawn back, except so far as the consumption made by the lat...

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