1. Canons
   1. Who?
      1. Adam Smith
         1. writer
         2. economist
   2. What?
      1. Equity of taxation
         1. take into account
            1. ability to pay
      2. Certainty of taxation
         1. tax liability
            1. predicted
            2. start of year
      3. Convenience
         1. easy
         2. taxpayer
      4. Economy
         1. Revenue > cost collecting
2. Types
   1. Progressive
      1. % increases with income
      2. PAYE
   2. Regressive
      1. Set tax on good
      2. VAT
   3. Proportional
      1. Constant rate
3. Functions
   1. Raise money for gov expenditure
      1. function day to day
      2. €50 bl / y
   2. Redistribute wealth
   3. Achieve desirable social objectives
      1. tobacco
   4. Merit goods
      1. food
      2. clothing
      3. shelter
      4. education
   5. Public goods
      1. security system
      2. defence
   6. Stabilisation
      1. as prices rise
         1. gov expenditure rises
         2. Tax rises
            1. finances
            2. expenditure
   7. Economic objectives
      1. Reduce inflation
         1. cutting indirect taxes
      2. Encourage investment
         1. incentives
      3. Stabilise balance of trade
         1. duties
      4. protect industries
         1. decreasing taxes