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There are two things in life that are certain: death and taxes. In his book entitled An Inquiry into Nature and Causes of the Wealth of Nations, the great economist Adam Smith gave us some guidelines on good taxation. First off, he said that taxes needed to be fair, this may be kind of obvious, but it is the most important aspect of a good tax code. If the taxes are unfair, the people will revolt. Secondly, a good tax code needs clarity, so that people will understand what they are doing. Thirdly, it needs simplicity. This goes right along with clarity. People don't want to spend hours trying to do their taxes because of their complexity, and as a second benefit, a simple tax code helps prevent
Terminology mentioned in this term paper
personal income tax,
Names referenced in this report
Adam Smith, it,
Keywords included in this report
tax code, taxes, income tax, Sales tax, income taxes, personal income tax, death and taxes, Estate tax, tax rate, Adam Smith, double taxation, simplicity, fair, the item, the people, the money, the government, Secondly, taxpayer, headaches, Inquiry, salary, no reason, rigid, fraud, debatable, guidelines, conditions,