Quote – Andrew W. Mellon.

These taxes are a levy upon capital. There is no requirement in our law, as there is in the English law, that the proceeds from estate taxes shall go into capital improvements of the Government. In other words, capital is being destroyed for current operating expenses and the cumulative effect of such destruction cannot fail to be harmful to the country.

Andrew W. Mellon, Taxation: The People's Business. (New York: The Macmillan Company, April 1924), 121-122.

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