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Explained Mr. Hamilton: “It is a signal advantage of taxes on articles of consumption that they contain their own nature a security against excess. They prescribe their own limit, which cannot be exceeded without defeating the end proposed
- that is, an extension of the revenue. When applied to this object, the saying is as just as it is witty that ‘in political arithmetic, two and two do not always make four.’ If duties are too high, they lessen the consumption; the collection is eluded; and the product to the treasury is not so great as when they are confined within proper and moderate bounds. This forms a complete barrier against any material oppression of the citizens by taxes of this class, and is itself a natural limitation of the power of imposing them.”
Mr. Hamilton’s analysis of consumption taxes showed a profound understanding of the needs of taxation in a free society. The best taxation, according to Alexander Hamilton, is taxation consistent with liberty and intrinsically checked against arbitary growth. Whether or not we agree with Mr. Hamilton’s support of the consumption tax, at least we can laud him for considering the relevant questions.
It’s about time our current leaders did the same.
Mr. West was recently appointed editor of The New Federalist Papers.
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