Q. Of whom is it a tax on the Income only?
A. It is a tax on the Income only, and on no more than the Income, of those whose Income consists of rent, or of the interest of Property.
Q. Of whom is it a tax on the entire Property?
A. It is a tax on the entire Property of those whose Income consists of earnings, and who have no other Property than their Income.
Q. So it is called an Income-Tax when it is a tax on Income arising from Property, and a Property-Tax when it is a tax on Income not arising from Property?
A. Yes.
Q. If persons whose Income consists merely of earnings were taxed in the same proportion as those whose Incomes consist of dividends or of rents, how much Income-Tax would they have to pay?
A. At the utmost, sixteen pence in the pound on the interest of their yearly incomes at 3 per cent. For instance, a man earning £500 a year would have to pay 20s.
Q. Would this be an equitable adjustment of the Income-Tax?
A. Not quite; because earnings are mostly precarious.