Adam Smith：The Wealth of Nations, Book V, Chapter II, Paragraph 1986

While property remains in the possession of the same person, whatever permanent taxes may have been imposed upon it, they have never been intended to diminish or take away any part of its capital value, but only some part of the revenue arising from it. But when property changes hands, when it is transmitted either from the dead to the living, or from the living to the living, such taxes have frequently been imposed upon it as necessarily take away some part of its capital value.

Source： https://www.gutenberg.org/ebooks/3300
Locator：Book V, Chapter II, paragraph 1986 · Verified：2026-10-19 · Verification：Exact match

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