It’s an idea espoused by Republican presidential candidate Mike Huckabee in his latest campaign ad: “I wanna be the president who nails the going-out-of-business sign on the door of the IRS. … I’ll lead the fight to abolish the IRS, and we’ll keep our jobs and paychecks.”
Huckabee supports the FairTax proposal to eliminate all federal income and payroll taxes — personal, corporate, gift, estate, capital gains, alternative minimum, Social Security, Medicare and self-employment. A “consumption tax,” fancy lingo for a sales tax, would be imposed instead, and poor people would receive rebates for taxes they pay.
I don’t like any taxes, but a plan to kill a tax code that forces average folks to labor for hours over tax forms or hire accountants definitely interests to me — and a consumption tax encourages savings because if you don’t spend it, you aren’t taxed. Another appealing option is a flat tax on income to make filing easier.