Adam Smith & UK Income Taxation
...Adam Smith advanced the view that a good tax system can be defined based on the extent that the system can realize four key principles: equity, certainty, convenience and efficiency. In the words of Adam Smith himself, there are four “maxims with regard to taxes in general” (Smith 1784, p. 639). The first edition of Smith’s book, “The Wealth of Nations,” was written in 1776. This discussion utilized the third edition dated 1784. Adam Smith lived from 1723 to 1790 (Ekelund and Hebert 1997, p. 97; Landreth and Colander 1989, p. 42). According to Smith, the first maxim... , and to every other persons” (1784, p. 639). For Smith, the second maxim is necessary because “otherwise, every person...