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their inequality; an inequality of the worst kind; as they must

frequently fall much heavier upon the poor than upon the rich。 A

house of ten pounds rent in a country town may sometimes have

more windows than a house of five hundred pounds rent in London;

and though the inhabitant of the former is likely to be a much

poorer man than that of the latter; yet so far as his

contribution is regulated by the window…tax; he must contribute

more to the support of the state。 Such taxes are; therefore;

directly contrary to the first of the four maxims above

mentioned。 They do not seem to offend much against any of the

other three。

     The natural tendency of the window…tax; and of all other

taxes upon houses; is to lower rents。 The more a man pays for the

tax; the less; it is evident; he can afford to pay for the rent。

Since the imposition of the window…tax; however; the rents of

houses have upon the whole risen; more or less; in almost every

town and village of Great Britain with which I am acquainted。

Such has been almost everywhere the increase of the demand for

houses; that it has raised the rents more than the window…tax

could sink them; one of the many proofs of the great prosperity

of the country; and of the increasing revenue of its inhabitants。

Had it not been for the tax; rents would probably have risen

still higher。 

                               ARTICLE II

       Taxes on Profit; or upon the Revenue arising from Stock 

     The revenue or profit arising from stock naturally divides

itself into two parts; that which pays the interest; and which

belongs to the owner of the stock; and that surplus part which is

over and above what is necessary for paying the interest。

     This latter part of profit is evidently a subject not

taxable directly。 It is the compensation; and in most cases it is

no more than a very moderate compensation; for the risk and

trouble of employing the stock。 The employer must have this

compensation; otherwise he cannot; consistently with his own

interest; continue the employment。 If he was taxed directly;

therefore; in proportion to the whole profit; he would be obliged

either to raise the rate of his profit; or to charge the tax upon

the interest of money; that is; to pay less interest。 If he

raised the rate of his profit in proportion to the tax; the whole

tax; though it might be advanced by him; would be finally paid by

one or other of two different sets of people; according to the

different ways in which he might employ the stock of which he had

the management。 If he employed it as a farming stock in the

cultivation of land; he could raise the rate of his profit only

by retaining a greater portion; or; what comes to the same thing;

the price of a greater portion of the produce of the land; and as

this could be done only by a reduction of rent; the final payment

of the tax would fall upon the landlord。 If he employed it as a

mercantile or manufacturing stock; he could raise the rate of his

profit only by raising the price of his goods; in which case the

final payment of the tax would fall altogether upon the consumers

of those goods。 If he did not raise the rate of his profit; he

would be obliged to charge the whole tax upon that part of it

which was allotted for the interest of money。 He could afford

less interest for whatever stock he borrowed; and the whole

weight of the tax would in this case fall ultimately upon the

interest of money。 So far as he could not relieve himself from

the tax in the one way; he would be obliged to relieve himself in

the other。

     The interest of money seems at first sight a subject equally

capable of being taxed directly as the rent of land。 Like the

rent of land; it is a net produce which remains after completely

compensating the whole risk and trouble of employing the stock。

As a tax upon the rent of land cannot raise rents; because the

net produce which remains after replacing the stock of the

farmer; together with his reasonable profit; cannot be greater

after the tax than before it; so; for the same reason; a tax upon

the interest of money could not raise the rate of interest; the

quantity of stock or money in the country; like the quantity of

land; being supposed to remain the same after the tax as before

it。 The ordinary rate of profit; it has been shown in the first

book; is everywhere regulated by the quantity of stock to be

employed in proportion to the quantity of the employment; or of

the business which must be done by it。 But the quantity of the

employment; or of the business to be done by stock; could neither

be increased nor diminished by any tax upon the interest of

money。 If the quantity of the stock to be employed; therefore;

was neither increased nor diminished by it; the ordinary rate of

profit would necessarily remain the same。 But the portion of this

profit necessary for compensating the risk and trouble of the

employer would likewise remain the same; that risk and trouble

being in no respect altered。 The residue; therefore; that portion

which belongs to the owner of the stock; and which pays the

interest of money; would necessarily remain the same too。 At

first sight; therefore; the interest of money seems to be a

subject as fit to be taxed directly as the rent of land。

     There are; however; two different circumstances which render

the interest of money a much less proper subject of direct

taxation than the rent of land。

     First; the quantity and value of the land which any man

possesses can never be a secret; and can always be ascertained

with great exactness。 But the whole amount of the capital stock

which he possesses is almost always a secret; and can scarce ever

be ascertained with tolerable exactness。 It is liable; besides;

to almost continual variations。 A year seldom passes away;

frequently not a month; sometimes scarce a single day; in which

it does not rise or fall more or less。 An inquisition into every

man's private circumstances; and an inquisition which; in order

to accommodate the tax to them; watched over all the fluctuations

of his fortunes; would be a source of such continual and endless

vexation as no people could support。

     Secondly; land is a subject which cannot be removed; whereas

stock easily may。 The proprietor of land is necessarily a citizen

of the particular country in which his estate lies。 The

proprietor of stock is properly a citizen of the world; and is

not necessarily attached to any particular country。 He would be

apt to abandon the country in which he was exposed to a vexatious

inquisition; in order to be assessed to a burdensome tax; and

would remove his stock to some other country where he could

either carry on his business; or enjoy his fortune more at his

ease。 By removing his stock he would put an end to all the

industry which it had maintained in the country which he left。

Stock cultivates land; stock employs labour。 A tax which tended

to drive away stock from any particular country would so far tend

to dry up every source of revenue both to the sovereign and to

the society。 Not only the profits of stock; but the rent of land

and the wages of labour would necessarily be more or less

diminished by its removal。

     The nations; accordingly; who have attempted to tax the

revenue arising from stock; instead of any severe inquisition of

this kind; have been obliged to content themselves with some very

loose; and; therefore; more or less arbitrary; estimation。 The

extreme inequality and uncertainty of a tax assessed in this

manner can be compensated only by its extreme moderation; in

consequence of which every man finds himself rated so very much

below his real revenue that he gives himself little disturbance

though his neighbour should be rated somewhat lower。

     By what is called the land…tax in England; it was intended

that stock should be taxed in the same proportion as land。 When

the tax upon land was at four shillings in the pound; or at

one…fifth of the supposed rent; it was intended that stock should

be taxed at one…fifth of the supposed interest。 When the present

annual land…tax was first imposed; the legal rate of interest was

six per cent。 Every hundred pounds stock; accordingly; was

supposed to be taxed at twenty…four shillings; the fifth part of

six pounds。 Since the legal rate of interest has been reduced to

five per cent every hundred pounds stock is supposed to be taxed

at twenty shillings only。 The sum to be raised by what is called

the land…tax was divided between the country and the principal

towns。 The greater part of it was laid upon the country; and of

what was laid upon the towns; the greater part was assessed upon

the houses。 What remained to be assessed upon the stock or trade

of the towns (for the stock upon the land was not meant to be

taxed) was very much below the real value of that stock or trade。

Whatever inequalities; therefore; there might be in the or

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