ABSTRACT
For, a considerable period it has been held by economists that the incidence of a general income tax is not shifted, and that such a tax has no tendency to raise or otherwise alter the prices of commodities. The most careful formulation of this theory, which, for convenience, I refer to as the older theory, can be found in the writings of Professor Seligman 1 and Mr. Coates; 2 and a view in some respects similar, was adopted by the Colwyn Committee on National Debt and Taxation which drew up its Report in 1927.
