Potential Republican presidential candidate Fred Thompson has written a letter indicating that he would be willing to support an overhaul of the Tax Code called the FairTax, which could replace the income tax system and all payroll taxes with a non-regressive national retail tax.

In a letter to Leo Linbeck, chairman of Americans for Fair Taxation, Thompson wrote, "We share the same belief that the next president should enact a fundamental overhaul of the Tax Code that makes it fairer, simpler and more pro-growth." He added that the "principles and ideas found in the FairTax are a good place to start."

While he stopped short of endorsing the approach completely, Thompson signaled his willingness to revamp the Tax Code.

Five of the eight Republican presidential candidates have also spoken favorably of FairTax proposals, as has one Democratic candidate, Mike Gravel.

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