The stock market crash - and after

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Monograph

Identifikator:: 1815583320

URN:: urn:nbn:de:zbw-retromon-204544

Document type:: Monograph

Author:: Fisher, Irving http://d-nb.info/gnd/118533541

Title:: The stock market crash - and after

Place of publication:: New York

Publisher:: Macmillan

Year of publication:: 1930

Scope:: XXVI, 286 S.; graph. Darst

Digitisation:: 2022

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XI. The Dividends of Prohibition

Collection:: Economics Books

The Dividends of Prohibition 179 By this argument the Association Against the Pro- hibition Amendment is appealing to the pocketbook of income taxpayers. Its argument is for the restora- tion of a trafhc that is generally acknowledged to be parasitic on all productive industry. Of course, the argument is the other way around. All income is dependent upon the productivity of labor and capital. Anything which impairs that pro- ductivity will impair the national income. If the “loss” in Federal revenues, which the Association Against the Prohibition Amendment places at $936,- 000,000 a year, due to cutting off the former taxes on the outlawed traffic, is to be considered at all, it should be in connection with the economic gains. But this “loss” is, as a matter of fact, not a loss in any true sense. It is a primary economic fact that removal of a tax, while it is a surrender of revenue to the government in a particular direction, is not at all a surrender of income of society. To the extent that it is a “loss” to the public treasury, it is a gain, to the same extent, to those who formerly paid the tax. A tax comes out of the individual pocket and goes into the common pocket of the nation; so it does not get us anywhere to talk about the “loss” sustained by the government which surrenders a tax or shifts the form in which it is applied. This argument is on all fours with the ridiculous assumption of “loss” recoverable by repealing the prohibition of sales of narcotic drugs in placing that tariff under a license

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