David Ricardo：On the Principles of Political Economy and Taxation, Excerpt 242

A tax on hats will raise the price of hats; a tax on shoes, the price of shoes; if this were not the case, the tax would be finally paid by the manufacturer; his profits would be reduced below the general level, and he would quit his trade. A partial tax on profits will raise the price of the commodity on which it falls: a tax, for example, on the profits of the hatter, would raise the price of hats; for if his profits were taxed, and not those of any other trade, his profits, unless he raised the price of his hats, would be below the general rate of profits, and he would quit his employment for another.

Source： https://www.gutenberg.org/ebooks/33310
Locator：Excerpt 242 · Verified：2026-10-19 · Verification：Short excerpt

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