“The history of taxation shows that taxes which are inherently excessive are not paid. The high rates inevitably put pressure upon the taxpayer to withdraw his capital from productive business and invest it in tax-exempt securities or to find other lawful methods of avoiding the realization of taxable income. The result is that the sources of taxation are drying up; wealth is failing to carry its share of the tax burden; and capital is being diverted into channels which yield neither revenue to the Government nor profit to the people.”
Quote by Andrew Mellon
Author
Andrew Mellon
Andrew Mellon was the former United States Secretary of the Treasury, born on March 24, 1855, and died on August 26, 1937. He had a profound impact on the financial and business sectors, serving as the chairman of several companies. more
You May Also Like
“It's not that music is too imprecise for words, but too precise.”
“Waiting and hoping are the whole of life, and as soon as a dream is realized it is destroyed.”
“Melody is a form of remembrance. It must have a quality of inevitability in our ears.”
“Any subject is good for opera if the composer feels it so intently he must sing it out.”