One of the things that "classic liberals" like the Adam Smith Institute try to ignore and pretend never happened is that Adam Smith himself was strongly in favour of inheritance tax and some kind of wealth tax. He also thought high profits were a sign of a country heading for ruin.
If there's one thing that's certain about all the nut job Adam Smith worshiping 'liberals' it's the fact that they've never actually read any Adam Smith.
One of the things that "classic liberals" like the Adam Smith Institute try to ignore and pretend never happened is that Adam Smith himself was strongly in favour of inheritance tax and some kind of wealth tax. He also thought high profits were a sign of a country heading for ruin.