Huntsman’s Tax Plan

I’m kind of a fan of Jon Huntsman, if only because he seems to have integrity and be a fairly honest politician. The fact that he came to Jersey City to declare his campaign for president is also pretty sweet. Here’s are his ideas for a new tax code:

“Meeting our challenges will require serious solutions, but above all, it will require serious leadership – a quality in high demand in our nation’s capital, and among my opponents on the campaign trail,” Huntsman will say this afternoon during a speech at Gilchrist Metal Fabricating in Hudson, N.H.

According to excerpts released by Huntsman’s campaign, the candidate will call for:

  • Three tax brackets at 8%, 14% and 23%.
  • Eliminating capital gains and dividends taxes.
  • Eliminating the alternative minimum tax, which was originally designed to prevent the wealthy from dodging taxes but now increasingly hits middle-class taxpayers.
  • Reducing the corporate tax rate to 25%.

It remains to be seen whether an overarching simplification of the tax code will actually raise revenues but since all of the loopholes essentially lower nominal rates for everyone who can afford a savvy accountant I support this sort of effort.

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