Taxation according to income is the most effective instrument yet devised to obtain just contribution from those best able to bear it and to avoid placing onerous burdens upon the mass of our people.
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If a government is to be prudent its taxes must produce ample revenues without discouraging enterprise; and if it is to be just it must distribute the burden of taxes equitably.
In 1913 for reasons unknown to mankind, they established the income tax so that citizens, rather than foreign countries, would start paying the money necessary to run our government.
It is regrettable that people think about our monetary system, and of our economic structure, only in times of depression.
We have pushed taxation of wealth to a point in Great Britain where in many cases the yield would be greater if the rate were less. The idea that prosperity can be wooed by chasing millionaires is one of the most common and most foolish of modern popular delusions.
No taxes can be devised which are not more or less inconvenient and unpleasant.
One method of preserving it is, to use it as sparingly as possible; avoiding occasions of expense by cultivating peace, but remembering also that timely disbursements to prepare for danger frequently prevent much greater disbursements to repel it; avoiding likewise the accumulation of debt, not only by shunning occasions of expense, but by vigorous exertions in time of peace to discharge the debts, which unavoidable wars may have occasioned, not ungenerously throwing upon posterity the burthen, which we ourselves ought to bear.
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