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Tax Research

Tax policy can follow the classical or macro-economic theories of taxation. Classical theory can be tied back to Adam Smith’s “Wealth of Nations”. Smith argues that taxes should not impact the economy. You should study Smith’s four maxims for good taxes. Keynes argued that taxes should encourage desired economic or social outcomes. Study chapter one to review motivations for taxation.
Study the major changes made by the most recent tax act and indicate how they would be viewed using Smith’s four maxims for good taxation.

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