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.