Income-Tax Revision as Proposed by Irving Fisher

  • Harold Hotelling


What is ordinarily called income, and what the law calls income, may be divided into two parts, called savings and spendings. The exact distinction between these two is not so clear-cut as may at first appear, since spending is often for satisfactions spread over a considerable time in the future, and since savings yield a present satisfaction through the security, power, and independence they confer as well as the future satisfactions from the goods for which the savings may eventually be spent. Nevertheless the distinction can be made, somewhat roughly, when the satisfactions arising from the possession of savings are neglected, and when depreciation accounts are kept for such articles as family automobiles, furniture, and fur coats as well as for business property.


Capital Gain Government Security Government Ownership Business Failure Business Property 
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Copyright information

© Springer-Verlag New York Inc. 1990

Authors and Affiliations

  • Harold Hotelling
    • 1
  1. 1.Columbia UniversityUSA

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