ABSTRACT
§ 1. THE acceptence of our principle that surplus-income is the only fund containing ability to bear taxation relieves us of the necessity of entering into the lengthy and various controversy recently revived in this country about the financial and economic effects of protective and preferential tariffs upon imports. For the supporters of a tariff on imports base their case on the assumption or assertion that the foreigner can be made to pay. If, and so far as he can be made to pay, there is a strong prima facie case for such a tariff as will make him pay as much as possible. But whether and how much can be got out of him depends, according to our accepted principle, upon whether he has some surplus income on which we can levy our import duty.
