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Apparently someone is trying to "smear" Huckabee by planting the seed that his "FairTax" plan could negatively impact finances of religious organizations by removing the tax advantage of charitable donations. I have been curious about this, and have been wondering why the religious right does not seem concerned.
As described on Huckabee's website, he advocates completely doing away with the IRS and the current income tax, replacing it with a "FairTax" on consumption. Part of this system would be rebates to low-income people, to make it a little "progressive". However, no mention is made of the impact this would likely have on charitable giving (no longer a tax deduction) -- or on home ownership (mortgage interest also no longer a deduction).
Some of the aspects of the FairTax seem attractive, but I doubt that it would be revenue-neutral, as claimed by Huckabee.
I'd appreciate comments from anyone that has insights about this issue.
