STAMP RECEIPTS A NEW INCOME - TAX.
10th January 1853.
SIR—I have for years been of opinion that an immense revenue might be raised if every receipt for sums amounting to one pound sterling and upwards were taxed at the uniform rate of one penny per pound, whatever the amount might be for which the receipt were given.
It would thereby follow, that every receipt for one pound and under two pounds would be taxed one penny, and that every receipt for two pounds and under three pounds would be taxed twopence, and so on to the largest amount; consequently, that a receipt for one thousand pounds and under one thousand and one pound would be taxed one thousand pence, or, in other words, four pounds three shillings and fourpence.
Such a tax would, in my opinion, be a close approximation to an equal tax
upon the general income of the country, as it would be nearly in proportion to the expenditure ; and, if I be right in that opinion, by adjusting hereafter the rate per pound sterling, it might be made to supersede the necessity of any other tax whatever being raised with a view solely to imperial revenue. The stamps might be affixed with adhesive plaster to the back of the re- ceipt, which, accordingly, might be written on plain paper, the stamps being similar in that respect to postage-stamps ; but, in order to prevent fraud, a space should be left on each stamp for the signature of the giver of the re,- cemt, as well as for the date on which the transaction may take piece; and, by well-digested enactments, it should be made imperative upon every one to give and demand receipts with the requisite stamp or stamps thereon affixed, whenever payment be made of sums subject to the tax. I have the honour to be, Sir, your obedient humble servant,
Wuatats Birrax Coons.
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