chapter
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"The State," says Professor A. S. Johnson, "can adopt

Suppose that B, by his own work and saving, adds a further amount b to his inheritance of f a, and leaves the whole by will to C. Then the tax will be, as to the i a, two-thirds and, as to the b, one-third. Therefore the total tax will be -&a + !b, and C will receive fa + fb. Suppose that C, by his own work and saving, adds a further amount c to his inheritance and leaves the whole by will to D. Then the tax will be, as to the ia, the whole, as to the fb, two-thirds, and as to the c, one-third. Therefore the total tax will be ia + !b + ic, and D will receive ib + fc. And so on indefinitely, each person's addition, if any, to his inheritance being wiped out by taxation in the course of three transmissions. "In effect, on the death of the grandson of each accumulator, or more generally of the heir of his immediate heir, the State would have nationalised a third of the personal fortune of the deceased, seven-ninths of that accumulated by his father, and the whole of that accumulated by his grandfather. One could modify these rates and adopt any scheme of progression which seemed most suitable."1