“But a tax on luxuries would no other effect than to raise their price. It would fall wholly on the consumer, and could neither increase wages nor lower profits.”

— David Ricardo

Source: The Principles of Political Economy and Taxation (1821) (Third Edition), Chapter XVII, Taxes on Other Commodities, p. 161 (see also.. Consumption Tax)

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British political economist, broker and politician 1772–1823

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