> it's socially acceptable to do 'yet another translation', but not a newer version in the same language
I wish they'd teach with modern English translations of Shakespeare in high schools. Maybe then kids would like it a lot more. But it seems like it's taboo to read Shakespeare in anything but the original.
They do. One series often used is "No Fear Shakespeare". Facing-page "translation", relatively cheap.
It's much better to watch it performed, though. The context the actors provide gets one past much of the difficulty with vocabulary or what have you. But yeah they do insist on reading them in school.
> But it seems like it's taboo to read Shakespeare in anything but the original.
You're definitely losing most of the sublimity in his actual words, if you don't read the original. Especially if the "translation" is into English at e.g. a 9th-grade reading level.
In the case of Shakespeare in particular (and also certain archaic translations of the Bible, notably the King James) modernizing/simplifying it may alter the language enough that the reader may not recognize unacknowledged (because of course your reader will know their Shakespeare) quotes from his works in other works, which quotes are everywhere even in things like modern popular cinema or TV. A big part of why you read Shakespeare to begin with is that his influence is so extensive that you practically have to, or you'll be missing one of a very-few not just helpful, but nigh-necessary, keys to understanding the rest of English literature (broadly, to include things like movies and video games and TV and so on)