Huntsman Jobs Plan Would revolutionise Nation’s Tax Code; Eliminate Cap Gains; Lower Corporate Rates

Jon Huntsman

Republican presidential longshot Former Utah Gov.Jon Huntsman will introduce his plan to jump-start the nation’s economy — and he’ll start by revolutionizing the nation’s tax code.

According to a statement from his campaign obtained by POLITICO’s Mike Allen: “Huntsman will advocate a dramatic, revenue-neutral restructuring of the tax code that will remove all loopholes, deductions, and tax expenditures. The result is consolidating the tax code into the following: Three individual tax brackets: 8, 14, 23%. … An elimination of the capital gains and dividends taxes. … An elimination of the AMT. … Reduction of the corporate rate to 25%.”

Huntsman embraces the positions offered by the Simpson-Bowles deficit reduction committee and diverts the extra revenue to broadening the tax base.

Huntsman’s campaign sees four pillars to job creation: tax reform, regulatory reform, energy independence and free trade, and the former U.S. Ambassador to China will discuss all of them in a speech this afternoon in New Hampshire.

His announcement comes a week before former Massachusetts Gov. Mitt Romney and President Barack Obama are set to reveal their own jobs plans — and raise the stakes for both to produce similarly comprehensive proposals.

Despite a much-vaunted announcement in June, Huntsman’s campaign has been unable to gain traction with the GOP electorate — consistently polling in the low single-digits.

An excerpt from the speech (via Mike Allen):

“The president believes that we can tax and spend and regulate our way to prosperity. We cannot. We must compete our way to prosperity. When I was born, manufacturing comprised 25 per cent of our GDP. Today, it’s down to 10 per cent. This does not reflect a decline in American ingenuity or work ethic; it reflects our government’s failure to adapt to the realities of the 21st-century economy. We need American entrepreneurs not only thinking of products like the iPhone or Segway; we need American workers building those products. It’s time for ‘made in America’ to mean something again. … It’s time for America to start working again; It’s time for America to start building things again; It’s time for America to compete again. I believe with a new administration we can do just that.”