Final answer:
The statement that colonists did not necessarily oppose the principle of taxation, but were concerned with the allocation of tax revenues, is true. This is distinct from the ability-to-pay principle, which pertains to the capacity of an individual to bear the tax burden.
Step-by-step explanation:
The statement that colonists did not necessarily object to the principle of taxation, but rather how the tax money would be applied, is true. This sentiment was evident during the times leading up to the American revolution, where the slogan 'No taxation without representation' highlighted the colonists' demand for a say in how tax revenues were used, not the concept of taxation itself. The 'wherewithal to pay' is a concept related to the ability-to-pay principle of taxation, which suggests that individuals should pay taxes based on their capacity to do so; this is separate from the issue of how taxes are allocated, which was the main concern of the colonists.