ADAM SMITH ON GOVERNMENT AND TAXES

Writing in the mid- to late-1700's, Adam Smith penned the following:

“The agents of [government] regard the wealth of their master {i.e., we the people} as inexhaustible; are careless at what price they buy; are careless at what price they sell.”

“Those unproductive hands...may consume so great a share...that all the frugality and good conduct of individuals may not be able to compensate...this violent and forced encroachment.”

“After all the proper subjects of taxation have been exhausted, if the exigencies of the state still continue to require new taxes, they must be imposed on improper ones.”

“The statesman who should attempt to direct private people in what manner they ought to employ their capitals, would...assume an authority which could safely be trusted, not only to no single person, but to no council or senate whatever, and which would nowhere be so dangerous as in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it.”