"The real reason why all the assurances that progression would remain moderate have proved false and why its development has gone far beyond the most pessimistic prognostications of its opponents is that all arguments in support of progression can be used to justify any degree of progression. Its advocates may realize that beyond a certain point the adverse effects on the efficiency of the economic system may become so serious as to make it inexpedient to push it any further. But the argument based on the presumed justice of progression provides no limitation, as has often been admitted by its supporters, before all incomes above a certain figure are confiscated, and those below left untaxed. Unlike proportionality, progression provides no principle which tells us what the relative burden of different persons ought to be."
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The Constitution of Liberty
The Constitution of Liberty is a book by Austrian economist and Nobel Prize recipient Friedrich Hayek. The book was first published in 1960 by the University of Chicago Press and it is an interpretation of civilization as being made possible by the fundamental principles of liberty, which the author presents as prerequisites for wealth and growth, rather than the other way around.
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