(tolumbta lllnt\?ersttp FACULTY OF POLITICAL SCIENCE

Nichillas Murray Butler, LL.D., President. J. W. Burgess, LL.D., Pro­ fessor of .Political Science and Constitutional Law. Munroe Smith, J.U.D., Professor of Comparative Jurisprudence. F. J. Goodnow, LL.D., Professor of Administrative Law. E. R. A. Seligman, Ph.D., Professor of Political Economy and Finance. B. L. Osgood, Ph.D., Professor 01 History. Wm. A. Dunning, Ph.D., Professor of History. J. B. Moore, LL.D., Professor of International Law. F. B. Giddings, LL.D., Professor of Sociology. J. B. Clark, LL.D., Professor of Political Economy. J. B. Robinson, Ph.D., Professor of History. W. M. Sloane, L.H.D., Professor of History. B. R. Seager, Ph.D., Adjunct Professor of Political Economy. B. L. Moore, Ph.D., Adjunct Professor of Political Economy. W. R. Shepherd, Ph.D., Instructor in History. A. S. John­ son, Ph.D., Tutor in Economics. B. A. Cushing, Ph.D., Lecturer in History. J. T. Shotwell, A.M., Lecturer in History. G. W. Botsford, Ph.D., Lecturer in History. G. J. Bayles, Ph.D., Lecturer on Ecclesiology.

SCHEME OF INSTRUCTION GROUP I. BISTORYAND POLITICAL PHILOSOPHY. SUBJECT A. European History, sixteen courses. SUBJECT B. American History, nine courses. SUBJECT C. Political Philosophy, three courses. SUBJECT D. Ancient History, seven courses. GROUP II. PJJBLlC LAW AND COMPARATIVE JURISPRUDENCE. SUBJECT A. Constitutional Law, four courses. SUBJECT B. International Law, four courses. SUBJECT C. Administrative Law, seven courses. SUBJECT D. Roman Law and Comparative Jurisprudence, seven courses. GROUP III. ECONOMICS AND SOCIAL SCIENCE. SUBJECT A. Political Economy and Finance, fifteen courses. SUBJECT B. Sociology and Statistics, ten courses.

Most of the courses consist chiefly of lectures; a smaller number take the form of research under the direction of a professor. In each subject is held at least one seminar for the training of candidates for. the higher degrees. The degrees of A.M. and Ph.D. are given to students who fulfil the requirements prescribed by the University Council. (For particulars, see Columbia University Bulletins ot Information, Faculty of Political Science.) Any person not a candidate for a de. gree may attend any of the courses at any time by payment of a proportional fee. University fellowships of $650 each, the Schill fellowship of $600, the Curtis fellowship of $600 and University scholarships of $150 each are awarded to ap· plicants who give evidence of special fitness to pursue advanced studies. Several prizes of from $50 to $250 are awarded. The library contains over 340,000 vol. umes, and students have access to other great collections in the city. ~ PRINCIPLES OF JUSTICE IN TAXATION STUDIES m HISTORY. ECONOMICS AND PUBLIC LAW

IDITED BY THE fACULTY Of POLITICAL SCIENCE OF COLUMBIA UNIVERSITY Volume XVIO Number 2

PRINCIPLES OF JUSTIC ErN TAXATION

BI' STEPHEN F. WESTON, Ph.D.

NtlD mark THE COLUMBIA UNIVERSITY PRESS mE MACMILLAN COMPANY. AGENTS 1mmoIt: P. S. KIKa a: So. 1903

PREFACE.

THE subject of this monograph was chosen in 1891 while I was taking post-graduate work at Columbia University. The first draft was nearly finished in the spring of 1894 when I was compelled to give up work for a time on account of ill health. Engaging in academic work in the fall of 1894 I was again obliged to set the monograph aside until the winter of 1900. Since then it has been completely rewritten and chapter VIII added. For his constant interest and encouragement I feel greatly indebted to Professor Seligman. for otherwise the monograph would not have been completed. I wish. also. to take this occasion to express my appreciation for the courtesy shown to me by the Faculty of Political Science of Columbia Uni­ versity in giving so much extension of time for the comple­ tion of my monograph. To Dr. Alvin S. Johnson. of Columbia U~iversity. I am indebted for verbal changes of text and for reading of proof. S.F.W. AlrnOCH CoLUGII, Y&LI.OW S.... IKGS. OHIO. May. 19OJ. TABLE OF CONTENTS .... CHAFfER I lJn1lO1117CTI0il. • • • • • • • • • • • • • • • • • • • • • • • • •• •• •• • • • • •• • • • • • • • • • • • • •• • • II CHAPTER II

11m OJUGUI AlID NATUU O. TID srAU L THa INDIYJDOAL AND SocJBrt...... 19 O. 0IlIcI" a. TH. STAU • •• •• • • •• • • • • • • • • • ••• • • •• • • • • •• • • •• •• •• •• J4 OL THa NATUU O. TID STAU...... •••• ••••••••••• 26 IV. OiAa.u:T1IJUmca O. 11m STAU •••••••••••• • • •• •• • • •• • • • • • •••• • • •• I. 1"11 y~ tJU ItrWI"tf/.'7 CAtlrtulw 1/ PtJIilUfII Org""u.- Ii...... L TIl 0rpttU ~ I/IA, SIIII# •.••• ••••••• •••• ••••••• ••••• 31 J. TIl.,...",,, Sww~...... 36 CHAPTER III

TAXATIOJ'. lICONOlllCS AlID lIrrHICS I. TAXAnoR ••••••••••••••• •••••••••••••••••••••••••••••••••••• 43 •. 1"IIN--.". T ...... 43 L a.r.,lwidiall/. T...... 46 J. TAlI Li.iII "T_"lillll...... SO IL TAXA"nO" AND EcoNOIIICS...... •••• ...... 54 I. T_.Ii... .uPrtltllMliIItI ...... '" ...... , .. 55 .. T_tJli.... "'" DUiru,.,;"" • • .. • • • ... • • • • .. • • • • • • •• ...... eo J. T_tJIiIItI .,,4 C_pli...... 65 ilL TAXA"nON AND E'I1t1cs ...... _. •••••• •••• •••• • ••••• •••••• •••• 68

CHAFfER IV

THK I'OLI'I1CAL BASIS AND PRINCIPLES O. TAXATION L TIl. SocIAL CoHTIlACT AND TAXATION...... 76· •• Tit, PMlictll PltiUNpltwl •••••••• .. • • ...... • • ...... • • • • •. 77 .. TAlI PrNM/i... Tw'7 "I T_tJli"".... •••• •••• • ••••••••• •••• BS- 343] 7 8 CONTENTS

~ n. nra EvoLtmoN Tllllou 01' THIt STATa AND TAXATION.... ••••••••• 90 In. TIu UTwTAlUAN THJi:OaV OFTHII STATa AND TAXA'ItOK.... •••• •••• 98 I. '71N~,. NiI/...... 99 .. 7L Uti/iM-u. TII~ -f S- aM.., AIIIIrWti SCM«.... •••• loa IV. Soa.u. THEGal1S AND TAXATION •••••••••••••••••••••••••••••••• 106 I. A....mint ••••••••••••••••••••••••••••••••••••••••••••••• 106 .. C__ ... int •...••••••••••••••••. ••••••••••••.•••••••••. 107 ' 3- S«I"ds. •••••••••••••••••••••••••••••••••••••••••••••••• 108 V. CONCLVSIONS AS TO nul 1'oUT1CA1. BAsIs AND I'alNCIPUS •••• , • • • • •• III .CRAPrER V Ttu: ICONONIC BASIS AND HlNC1J'LIS 01' TAXATION

I. THIt PHYSlOCMTS AND THIt SIl\IG\~ TAXUIS ••••••••••••••••••••••• 116 I. n~ Eltj'Si«r1lb ••• ; ••••••••••••••••••••••••••••••••••••••• 116 , .. TIt~ S;+ Tax,.., •••• , ••• •• • • • • •• • • • . •• . • •• ••• •••••••••• 119 U. THIt CLASSICAL ScHOOL 01' EcoNoMISTS •••••••••••••••••••••••••• 115 I. Tit, Bnufil Tr.-,. ~ T~. •••••••••••••••••••••••••••• liS ,.. Tlu ~"ffP T~.... .• •••••••• •••••••••••. •••. •••• •••. 1:19 3- Tit, I.~ T~ ••••••••••••••.•••••••••••••••••••••. 131 IU. TlIIt PROI>l1Cl1\'1t TlI_v OF TAIATION ••••••••••••••••••••••••• 134 IV. THIt UnLnY TlIroltY OF SAX ••••••••••••••••••••••• , ••••••••••• 138 I. Its Qnci• .J,'iJ'...... 140 .. S;-Jtli~ ••~ rr.tA •••.•• ••••••••••••••••••.••.•••••••• 141 3- I,.Jin'.i_I.ttiI CNJKtiw ~" •••••••••••••••••••• ••••• 143 \,1) Individual hychoIO£1 ...... 145 (2) Collecti~ ~cho1oa •••••••••••••••••••••••••••••••. 146 4- ~N Io'«ols _Iuu.ll,y CMSiMr_ •••••••••••••••••••••• 149 (I) Differences ill ClIaractel: •••••••••••••••••••••••••••• , 149 (I) I'olitkal Factors ••••••••••••••••••••••••••••••••••••• 151 V. CoNcLl."SIOlI"S AS TO Tan EcoNoMIC BASIs 0\1I0"D PaINcIPU:s...... 155 CHAPrER VI •

THE £TH\CAL BASIS or 'UIA'ItOK

L THIt)3ENUIT TlIEGay OF TAXATION...... •••••• •••• •••• •••••• 160 I. TIl, ~i" 71~ ••••••••••••••••••••••••••••••••• 161 a. TAt y.-..,.~ 1llM?...... 165 (I) Expenditure •••••••••••••••••••••••••••••••••••••••• 167

CHAPrER VII

ETHIc.u. PIIINCIPLES OF TAIATION I. THE P1uNCIPL& OF EQuALITY ...... 212 I. RtlU."" &.Iue D/ltu~...... •••• •••••• •••••• • ...... 213 ( I) F lIDded aDd U DfuDded IDcomes...... 21 J (2) IDheritaDce aDd Gitll ••••••••••••••.••••••••.••••.• '" 216 (3) MODopoly aDd Quasi·Reat IDcome ••••••••••••••••••••.• 217 (4) IDcome from SpeculatioD •••••••••••••••••••••.••••.•. 220 a. Rtlu."" CIuJ,iMUr "llrtcD",e...... •••. •••• •••• •• .. •. •. ••.. 221 J. /f.u."" Alii,",'" "/Irtc",,,e •.•. •••. .. .• .. •••••. •••••••••••. 224 (I) Proportiooal TaxatioD ••••••••••••••••••••••••••••••••• 226 (2) ProgreuinTaxatioD •••••••••••••••••••••••••••••••••. 2JI II. THE PluNcrFLE OF UNIVERSALITY...... •• •• •••••• • ••••• ••••• . •••• 246 I. Tlu 7MJlijUlIIiD" '" EzemplitHU..... •• •••••. •••••• •••••• ••.. 249 2. Tlu Li",iJIIli"" '"EzemllitHU ••••• , •.•• •••••• •• •• . . .. .• •.• 256

CHAFfER VIII

PRACTICAL JUSTla III TAIAnON J. AssDS.. vrn ...... z66 I. D,ck,.IiDIII1'. DtHmfap •••••••••.•••••••••••••••••••••••• z66 a. TtlJrtUU p,."P"~.'" •••• •••• •••.•• •••• •••• •••••• •••. •••••. 268 J. M etAtNIJ '"A IUsnrr"" • • • • • • • • .. • • • • • • • • • • • • • • .. • • • • • • • • • • •• 270 II. THE Tat;E TAX Svs-n...... 276 I. S,.J,j,cb."" MelADtil"/ TtlZlIIiD" •••••••••• •••••••••••••••••• 277 <.> Tua OD COuDmptiOD ...... 278 (2) Tuatioa of Real Eatate ••••••••••••••••••••••••••••••• 280 (3) Tuatioa of Penooal Property •••••••••••••••••••••••••• 281 10 CONTENTS

.AGa (4) Taxation of Mortgages ...... 232 (5) Taxation of Corporations ...... 283 (6) Taxation of Inheritances ...... 287 2. Siale anti Local Taxation ...... 290 (I) National Taxes ...... 291 (2) State Taxes ...... 292 (3) Local Tues ...... 293 BIBLIOGRAPHY

Adams, H. C. p,mlic Fi_fU~. New York. 11198- Adams, H. c. P""lic Dc6b. New York, 1892- Aristotle. P"jilics. Aristotle. NiduJtRaclua" Elida. Baer, C. L' A'IJtI'~ ~ r ImPMtG. Roma, 1872- Bastable, C. F. P""lu Fi"aN~. London, 189s. Bastiat, F. C~ tpI ." wiI d c~ p' .,. M wit ptu. o-vr~l. Paris, 1863- Bastiat, F. Sojllismes ECtmMtfipes. O_~s, 4th ed. Paris, 1863- Block, M. us Pr"grh tk ld SciCN~ E_i~. 2 vols.. Paris, ISgo. Bluntschli, J. K. TAary t>f1M SI4k. Tr. London, l89s. Bockh, A. T"~ PrUJlu ECOIItnlly "fA~. Tr. 2 voIs. Boston, 1857. Burgess, W. PtJiiJuGi Sci~~ aM CtJ1UIiIIIIiOllGI LA'III. Boston and London, 1898. Cherbuliez, A. E. Prlds tI~ ld Scinu~ Ec_"'i~. Paris, 1862- Cohn, G. TM Scinu~ t>f Fi"a,m. Tr. Olicago, l89s. Cooley, T. LfnII t>f TlZzG/i"". 2d ed. Chicago, 1886.. Cossa, L. Primi Elemnti tli Scin.. tk/u Fi"IZ_. 4th ed. Milan, 1887. Courcelle-Seneuil, J. G. T,aiIJ tI' Ectmtnllu PtJiiti~. 2 vols., 2d ed. Paris, 1867. Coulanges, F. TM Origi" oj Propwty i" LAM. Tr. London, 1891. Davenant, C. Essay"" 1M WaY'IZ"; Mca", t>f SlIpplyilllf 1M W..... 1695. Denis, H. L' Impot. Bnuelles, 1889. De Parieu, F. E. T,aiIJ tks Imp8b. 4 ms.. 2d ed. Paris, 1866-67. Edgeworth, F. Y. U The Pure Theory of Tuation." J!_u 7..nud. VoL 7. Ely, R. T. TGZati"" i,,' Atfurica" Sl4ks IZ"tI Citiu. New York, 1888. Fairbanks, A. I"Ir"tllICti"",. StJciology. New York. 1896. Flora, F. MtJ,,_/~ tli San.. tklk Fi__ • Livomo, 1893-

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Thien, A. r ..",_ II Lu, d II RWMfI. Tacker, B. R. lutead or. Book. 2d ed. New York, 11197. Tucot. A. R. J. T,__ Diwr" UJUn'1UJIII fa I ..joIi1itnu. Works, yol. iy. Paria, 1808. \1mpfenbach, K. Le"r""" tIw Fillll....nsmuelulfl. 2d ed. Stuttgart, 1887. VaGbaa, M. de. Le DI.. , R"7a1. 1707. Vocke, W. Die Alga6nt, A".fIap" ,,,,11 tiU SUIIW"- Stuttgart, 1887. Volta, R. daIIa. II L' Impost. Progressiva dal Puti di Vista Teorica." Ras- ''P4 iii Seintli S«iali I PDlilicM. Oct. and Noy., 1119J. Wagner, A. Fi_~aft. 3 vols. Leipzig, 1883-11198. Walker, F. A. J'DIilical E&_y. NeW' York, 1888. Walker, F. A. • The Baa of Tuation." Political Sdnt&1 QMarlw/y, voL J. Walru, L TAJorie tie I' I",jol. Paris, 1861. Wat, M. TAe IIIAwiIa,," Tax. !\eW' York, 1119J. Wi_, F. yon. Nllhual Yalw. Tr. LoDdoD,III9J. Zorli, A. LA san- tIei T,ihIIi. Bologna, 18119.

REPORTS. ReJwt./ E"glUA bu_ Tax Com",is,itm. 1852- R~ D/ Sp"", Com_ilU, tm Taxalitm of Btnloll EZlcwlifll BtUilflSl Ano- naliMr. 18119- RI/WI D/ Taz Com_is.itm D/ PmlUylva ..ia. 11190. Re,.,' D/ 1 ..... C__ is,itm _/0";0. 1119J. RI/"I D/ Tu C__ iuio .. 0/ MautKAuutls. 1897. RI/"I D/ Rnmtw C..... is,;,.,. D/ Coiwalio. 1901. ReJwt D/ SIaII Tax Com_isIitm ./MUllica... 1901. Rejwl D/ T_ C_",is';"" '" Wisctmli... 1901. WORKS BY THE FACULTY OF POLITICAL SCIENCE OF GOLUMBIA UNIVERSITY.

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VOLtJD 1,1891-2. Second Edition, 1897. 396 pp. Price, '3-GO; bouDd, '3,,... •• ne Diyorce Problem-A Study in Statistics. By Walter F. Willcox, Ph. D. Price, 75c • •• ne Hlatory of Tari&' Administration in the United States, from Co­ Ioaial Tim.. to the McKinley Administrative Bill. By John Dean Goss, Ph. D. Price, $1.00. ,. Hietory of Municipal Land Ownership on Manhattan Island. By George Ashton Black, Ph. D. Price, $1.00. 4. Financial Hiet0f7 of Massachuaette. By Charlee H. J. Douglaa, Ph. D. (Nollold upal'ale/y.)

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VOLUME XVIII. 1903.

I. The Administration' of Iowa. • By Harold Martin Bowman, Ph.D. Price, $1.50 z.Turgot and the Six Edicts. . . B{Robert P. Sh~pherd, Ph.D. ' Price, $1.50

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