Responsible government in the Dominions: Responsible government in the Dominions

The nature of capital and income

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Multivolume work

Identifikator:: 1896933912

Document type:: Multivolume work

Author:: Keith, Arthur Berriedale http://d-nb.info/gnd/119086794

Title:: Responsible government in the Dominions

Place of publication:: Oxford

Publisher:: Clarendon Press

Year of publication:: 1912-

Collection:: Economics Books

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Volume

Identifikator:: 1896934455

URN:: urn:nbn:de:zbw-retromon-236504

Document type:: Volume

Author:: Keith, Arthur Berriedale http://d-nb.info/gnd/119086794

Title:: Responsible government in the Dominions

Volume count:: Vol. 1

Place of publication:: Oxford

Publisher:: Clarendon Pr.

Year of publication:: 1912

Scope:: LI, 568 Seiten

Digitisation:: 2022

Collection:: Economics Books

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Document type:: Multivolume work

Structure type:: Chapter

Title:: Part II. The executive Government

Collection:: Economics Books

Ske. 5] CAPITAL SUMMATION 97 It is therefore a cardinal error to regard credit as in- creasing capital by the amount of that credit. Indirectly, credit may result in an increase of capital, through stimulating trade and production and by getting the management of capital into the right hands and its ownership into the most effective form; but the amount of any such increase of capital thus indirectly produced bears no necessary relation to the amount of the credit itself. If capital is increased, the credit does not constitute the increase, but merely represents a part ownership in the final total, after all the increments have been counted in. $5 A great deal of confusion in legislation and writing could be avoided if the two methods of summing up capital were distinguished and their interrelations recognized. In taxa- tion, the two methods are often confused. A chief prob- lem of efficient taxation is how to tax all property once, and none of it more than once. There are two solutions: One is to tax the amount owned by each real person in a list which expresses the method of balances; this method seeks out the real owners or part owners of wealth. The other is to tax the actual concrete wealth in a list which expresses the method of couples; this method seeks out the real wealth owned. At present the two are much confused. Legislators too often fail to perceive that under the first, or owner-method, corporations should not be taxed, for they are not true owners; and that under the second, or wealth-method, bonds, stocks, and other part-rights to wealth should not be taxed, for these are sufficiently in- cluded when the actual railways and other wealth are taxed, which these securities represent. It is not claimed, of course, that a complete system of taxation ean be worked out merely by choosing one of the two forms of taxes just indicated. We are here only con- cerned in pointing out that the distinction between the H

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