Principles And Methods of Taxation

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A purchaser of such property will pay less for the land in consequence of the tax upon it ; the seller, therefore, loses the capital- value of the tax in the sale; subsequent holders do not in effect pay the tax, since it was eliminated in their purchase-price of the land.
CHAPTER VII NATIONAL DEBTS PUBLIC debts are phenomena of modern growth, yet so general and so large are they in advanced communities that they have come to be regarded as almost a mark of progressive civilisation. The old est
...ablished countries of Europe, the younger republics of the New World, the British Colonies, and India, have all alike incurred these liabilities. The public loaning system is an out- come of the economic developments and monetary methods of the last two centuries ; the large use of credit, the system of banking, the utilisation of small capitals by joint-stock combination in carrying out industry and commerce on a gigantic scale, and the many facilities for employing savings to advantage by their aggregation, all have combined to create a machinery for borrowing and lending which has become of vital import to the economic condition of a country.

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