The Elements of Public Finance, Including the Monetary System of the United States
The Elements of Public Finance, Including the Monetary System of the United States
Winthrop More Daniels
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Adequacy in finance is like charity among the virtues. Its absence renders all collateral excellences as nothing, and its presence covers a multitude of sins. It therefore becomes a matter of prime importance to determine, first, how a tax system is to be constituted 92 Digiti ized by Google SINGLE AND MULTIPLE Ty4X SYSTEMS, 93 which will afford the requisite amount of revenue; and secondly, to determine how to administer such a system most advantageously, having regard to the interest both of ...the public treasury and of the individual taxpayer.^ Single and Koltiple Tax Systems. — If we approach this subject from a purely a priori standpoint, nothing would seem more natural than that the aggregate amount taken by taxation should be raised by a single, uniform process, rather than collected by multiple, im- perceptible, and devious agencies.^ We have seen that taxation is in essence a diminution of the amount of income at the disposal of the individual. It does not increase the amount that is deducted from individual enjoyment and use to take it in a single lump sum, or, at least, to take it by a single, uniform process of collection.
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