Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/313936 
Authors: 
Year of Publication: 
2011
Series/Report no.: 
IEA Discussion Paper No. 35
Publisher: 
Institute of Economic Affairs (IEA), London
Abstract: 
How our current system of high and complicated taxes are damaging economic growthThe features that should be found in a well-designed tax system and have been known since Adam Smith's maxims appeared in Volume 2 of The Wealth of Nations in 1776. A well-designed tax system should have the following features:taxes should be imposed at the lowest rate possiblethe tax system should be as simple as possiblecitizens should know the structure and the level of tax facing themtaxes should not be discriminatory between citizensarbitrary windfall taxes and retrospective tax changes are economically damagingIn Restructuring the UK Tax System: Some Dynamic Considerations, author David B. Smith shows how the current UK tax system is in violation of all these basic maxims, damaging economic growth and wasting valuable resource. The paper advocates the lowering and simplification of taxes, arguing that it would bring growth and restore liberty.
Subjects: 
Tax policy
Tax reform
Great Britain
Document Type: 
Working Paper

Files in This Item:
File
Size





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.