Presidential candidate suggests consumption tax | AccountingWEB

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.

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