i§pettator, liatirrb 2Gtb, t853
Camberwell, 16th March, 1853, SIR,—The Income-tax is just now a topic of sufficient interest and importance to excuse my troubling you with another short communi- cation on the subject.
Regarded as a permanent source of revenue, a tax on income is indefensible and vicious; it is so, especially, as it appears to me, because of the intangible nature of the thing taxed. Abstractedly considered, income may be said scarcely to have an existence, inasmuch as it goes as soon as it comes, in the combined form of expenditure and saving (when it becomes property), or in the simple form of expenditure. This peculiar characteristic distinguishes the Income-tax from every other source of revenue, and places it beyond the grasp of the taxgatherer. Income may be said to be to property what heat is to fuel; you may -tax the fuel, but not. the calorie. -Income is an element, therefore, in the social and economical system, of such a nature that should wholly . deter a Chancellor of the Exchequer from any attempt at.taxing•it. ... To •perpetuate this tax, -would be to perpetuate discontent among the middle classes, and to -keep alive constant agitation on the subject. The-tax is incapable of adjustment and-nothing short-of its abolition can satisfy the necessities- of the case. •
I am, Sir; your -obedient servant, W. S. •
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