of value and money, it may be convenient to here insert a recapitulation of the various principles under the treatment of taxation.354
Comparison Between Direct And Indirect Taxation.
Adam Smith's “Canons of Taxation.”—A tax should be: I. Equal (in amount of sacrifice entailed). II. Certain. III. Timely. IV. All for the state.
A Tax is either:
Direct.
Indirect (on commodities.)
Direct taxes are:
-
On Income.
-
On Expenditure.
Taxes on Income are:
General.
Special.
General income taxes. The best of taxes, if people