It’s been a while since I’ve looked at the 2008 presidential candidates. While reading the blog Making Home the other day, I came across the author’s musings on the candidates, and her nomination for Mike Huckabee. She had some interesting things to say, so I surfed over to Wikipedia and checked him out. Apparently Mr. Huckabee supports “FairTax” (as he stated in the May 3rd debates). What is FairTax? Wiki was nice enough to link me right to a page on this proposal.

FairTax is a push for the elimination of the current taxation system (both business and private) in favor of a countrywide sales tax (with tax rebates for those below the poverty level). This is an interesting idea, with proponents claiming that it would have positive effects on economic growth, saving, and international business. This tax would also have the added benefit of allowing the government to receive tax from illegal immigrants. Opponents say that FairTax would shift the tax burden to the middle class, and might increase the federal deficit.

An overhaul of the entire taxation system is very scary to me. However, I think it is worth the government researching FairTax to see if the benefits would outweigh that of the current system. I find myself thinking about how things might be different for our family if FairTax were in place. We might be taxed less, because we are relatively frugal people. On the other hand, we would lose our current benefits from mortgage interest and charitable contribution deductions. So, it could go either way for us, depending on the specifics of the program.

If you have the time, glance at this FairTax site and ask yourself the question, “would this benefit me?”

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