0 sats \ 1 reply \ @Solomonsatoshi 13 Aug \ parent \ on: Tax the Rich? Not a Good Idea econ
Direct quote in fact -
“The subjects of every state ought to contribute towards the support of the government, as nearly as possible, in proportion to their respective abilities; that is, in proportion to the revenue which they respectively enjoy under the protection of the state.”
Adam Smith
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31 sats \ 0 replies \ @Bell_curve 13 Aug
Proportion to the revenue? This is most likely a flat consumption tax. Income taxes did not exist in 1776.
Adam Smith also outlined four canons of taxation, which serve as guiding principles for a fair and effective taxation system:
The Tax Should be Certain: Tax laws and rates should be clear and stable. The Tax Should be Convenient: Taxation should be easy and convenient for taxpayers. The Tax Should be Easy to Assess: Taxation should be straightforward and simple to calculate. The Tax Should be Light: Taxation should be minimal and not excessively burdensome.
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