Adam Smith：The Wealth of Nations, Book V, Chapter II, Paragraph 1998

All taxes upon the transference of property of every kind, so far as they diminish the capital value of that property, tend to diminish the funds destined for the maintenance of productive labour. They are all more or less unthrifty taxes that increase the revenue of the sovereign, which seldom maintains any but unproductive labourers, at the expense of the capital of the people, which maintains none but productive.

Source： https://www.gutenberg.org/ebooks/3300
Locator：Book V, Chapter II, paragraph 1998 · Verified：2026-10-19 · Verification：Exact match

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