# Anticipation of Taxes ## Definition The practice of borrowing against future tax revenues before those revenues are actually collected, typically through arrangements with banks or financial institutions that advance money against expected tax receipts. ## Source Chapter Book V, Chapter 3 ## Context Smith describes how governments regularly anticipate their annual land and malt taxes through borrowing clauses in the acts that impose them, creating a cycle where current revenue is spent before it is received. ## Economic Domain Regulation ---