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The Spectacle Blog
Some details of Jon Huntsman’s tax reform proposal are starting to emerge. Huntsman would eliminate the alternative minimum tax, as well as taxes on capital gains and dividends. He’d scrap the existing personal tax code and replace it with three lower rates: 8 percent, 14 percent, and 23 percent He would zero out all loopholes, credits, and deductions, though I am awaiting confirmation on mortgage interest and charitable giving.
Huntsman would reduce the marginal corporate tax rate from 35 percent to 25 percent, one point lower than the OECD average. Reuters’ Jim Pethokoukis is a believer: “The Hunstman tax plan is — easily — the most pro-growth proposal ever offered by a US presidential candidate.”
UPDATE: It’s been confirmed that all the deductions would go, according to this plan.
View all comments (13) | Leave a comment
More Blog Posts by W. James Antle, III
http://spectator.org/blog/2011/08/31/the-huntsman-tax-plan
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JohnD| 8.31.11 @ 3:39PM
Thta's actually not a bad plan. Lower personal rates are good, and though offset by removing deductions, the latter eliminates the use of tax breaks to force certain behaviors. Eliminating cap gains and lowering the corporate rate will encourage investment and also encourage businesses to remain in the USA rather than move offshore; I'd prefer a corp rate of 15%, but this is progress.
I had ignored Huntsman as a fake Republican, but I have to admit I like the direction he is going with this. Of course, I don't really know any of his other positions, except that he is n adherent of the Global Warming religion.
amy| 9.1.11 @ 3:28AM
Why did Huntsman quit his ambassadorship after just a year and a half? Does his patriotism expire after 18 months?
Trinacria| 8.31.11 @ 3:51PM
In related news, I called Selma Hayek and laid out my proposed plans for a family budget once we're married...
RonW| 8.31.11 @ 4:01PM
Did he say at what income levels he would set the bracket boundaries? And are there still the personal exemptions?
George S| 8.31.11 @ 7:13PM
Uh huh... and what is the betting line for the expiration date that the Democrats will slap on it?
Tax plan that will truly transform America as we know it: eliminate withholding of payroll taxes so people deposit their gross into their checking account. Then we'll see who is stupid enough to proudly proclaim they "can pay a little more".
Ross Kaminsky | 8.31.11 @ 8:52PM
While Huntsman doesn't have a chance, I hope that his fairly good-sounding plan will force the hand of the more serious GOP contenders to focus on "broadening the base" and lowering the rates.
Trinacria| 9.1.11 @ 11:30AM
Fairly good? Yes. Original? This isn't nuclear physics, sport - lower the tax burden on those who drive economic growth. Which of the front runners doesn't already embrace this concept?
Regrettably, it appears that Mr. Tyrrell has lowered the bar on what passes for insightful commentary. Pity.
amy| 9.1.11 @ 3:28AM
Why did Huntsman quit his ambassadorship after just a year and a half? Does his patriotism expire after 18 months???
W| 9.1.11 @ 8:12AM
Huntsman should press his tax plan during the debates so that all the candidates speak about reforming and cutting taxes, and also force Obama to respond.
If the main issue is the economy then taxes and regulations must be discussed in detail.
RefriedTomatoes| 9.1.11 @ 8:57AM
Hmmmm. Hasn't Herman Cain been saying this for the past six months?
martin j smith| 9.1.11 @ 10:08AM
Its the whole package Antlee not a 'TAX PLAN" That will determine my support. John Huntsman is too RINO for me and would never vote for him. But if he a grand tax plan great let him put it out there.
martin j smith| 9.1.11 @ 10:08AM
Let me re-iterate NEVER !!!!!!!!!!!!!
yisong| 10.25.11 @ 10:10PM
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