Synopsis
Excerpt from Direct Costs of the Present War
However, a study of the costs of the war is interesting and important from another viewpoint. It helps us more easily to determine not only the burden we are creating for ourselves and our posterity, but it assists us in deciding how great a propor tion of our expenditures may well come from taxation rather than loans. Of course, there is a limit to income from the former source even in pace time. We can not without disaster push tax ation to the impairment of capital; but this limit, after all, is somewhat elastic.
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