Presidential candidate suggests consumption tax

Former Arkansas governor Mike Huckabee, a Republican presidential candidate, promoted his idea for replacing the federal tax system with a 23 percent "consumption tax."

Huckabee said on "Fox News Sunday" the current tax system "is not only burdensome, but extremely expensive."

"You get rid of income tax, you get rid of all of the withholding, you get rid of corporate taxes completely, totally," he said. "You replace it with a 23 percent consumption tax. It will bring business back to the United States that's leaving our shores because our tax laws make it impossible for an American-based business to compete."

Huckabee said the findings of a bipartisan commission that it would take a 34 percent sales tax to replace current federal taxes were "flawed."

Huckabee defended his tax-cutting record while governor of Arkansas, despite getting a grade of "D" from the Cato Institute, a conservative think tank, and being faulted by the Americans for Tax Reform for raising sales, fuel and cigarette taxes.

"Ninety-four times we cut taxes in Arkansas, including the first-ever broad-based tax cut in the history of my state in 168 years," he said.


AccountingWEB.com May-31-2007
Categories: IFRS, Government, News Archives
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Number of comments: 5


User comments Firozali A Mulla , Jun-27-2007  Rating
Presidential candidate suggests consumption tax
Sir When you have the White Paper or bloody papare, tax alwasy bleeds one, please send this to me. The reason... Sir:

I once gave a speech in the Management Forum in The British Council on “How Bank creates Money and the Working of the bank of Tanzania”.
In this speech there were two staff from the Bank of Tanzania.
They thanked me as they realized they had no clue of the inside machinery of the economics of how banks create money and they had NO IDEA at all of the Bank Of Tanzania how the dollar was pegged to the Tnazanian Shillings.
If this is the case, Sir, if the staff inside do not have the idea, how would the public who are charged interest on the saving accounts on the street know what is happing in the shroud clouds of the Bank Of Tanzania that has the mammoth towering building but no idea of the how it is run.
Perhaps the issue had to come long time back
Bank of Tanzania pegs the dollar arbitrary. There is no method of comparing the GDP or NDP or Consumers Price Index of Tanzania as The finance Ministry has no idea.
Do they approach the public for any help? No.
To go with this letter please I would certainly mention that the budget was true farce. The Pampers price go up those are being used and the price of kerosene goes up and then down. Is this budget? A fixed mind? May I also ask Mrs. Zakia Meghji a small question? Please tell me the briefcase you showed was nice very elegant. Now how is this accounted?
 

User comments Barbara Wilson , Jun-6-2007  Rating
I SUPPORT THE FAIR TAX
Mike Huckabee, has the right idea with the Fair Tax and has my support. If you are not familiar with the Fair Tax, please check out Fairtax.org , Fairtaxgroups.com and FairtaxIndiania.net All these sites are very informational concerning the Fair Tax. GET INVOLVED AND TAKE BACK CONTROL OF OUR COUNTRY, ONE STEP AT A TIME. STEP 1= FAIR TAX
Barbara W., Real Estate Investor, Ohio
 

User comments Firozali A Mulla , Jun-3-2007  Rating
Presidential candidate suggests consumption tax
Then WE WILL HAVE THE SEWAGE TAX UP. Why DONT WE THINK OF REDUCING TAX OR EVADING TAX INSTEAD OF CONFUSING THE Exchequer . He CANNOT SLEEP AT THE NIGHT WITH ALL THE PSEUDO TAXES THAT COME UP.

I thank you
Firozali A.Mulla MBA PhD
P.O.Box 6044
Dar-Es-Salaam
Tanzania
East Africa

 

User comments Steven Babinchak , Jun-2-2007  Rating
Yes to alternative tax system
Anything that actually simplifies the tax system has the desireable effect of making it harder for politicans to "tweak" the system to get more revenue or to pass on a tax break to a favored doner is good for America. It may also have the desireable effect of getting Americans to save more. It will increase the amount of black market activity so stepped up enforcement would be necessary
Steve B., MSF, CMFA, MI
 

User comments ROBERT J. RANSOM, JR. - ChFC , Jun-2-2007  Rating
BACKING A RETAIL CONSUMPTION TAX
My vote goes to Mike Huckabee and the FairTax Proposal. Both would be great for all Americans and the U.S economy! RJR,JR. - ChFC
 
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