It’s been a year or so since I did economics in the IB. Wasn’t particularly fond of it, though I did manage to get a seven, probably something my teacher didn’t expect. In any case, we started learning the economics aspects of chemical engineering today and I don’t know why but I just found this quote by the judicial giant, Lord Clyde fascinating:
“No man in this country is under the smallest obligation, moral or other, so to arrange his legal relations to his business or to his property as to enable the Inland Revenue to put the largest possible shovel into his stores. The Inland Revenue is not slow – and quite rightly – to take every advantage which is open to it under the taxing statutes for the purpose of depleting the taxpayer’s pocket. And the taxpayer is, in like manner, entitled to be astute to prevent, so far as he honestly can, the depletion of his means by the Revenue”.
This basically means that the tax-collecting body can – and has a right to – extract as much tax money as possible from people. Similarly, a person can use means to make sure he pays the least amount of tax possible. It doesn’t matter as long as it is within the law. Somehow I kept imagining in my mind a battle of wit between two parties: each trying to use loopholes and opportunities to get the tax to be the amount that they want. Pretty interesting.
Yaz.
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