Wednesday, August 31, 2011

Huntsman's tax plan

The Hill's Mike O'Brien reports on the "sweeping tax reforms."

The centerpiece of the plan is a proposal to reform tax rates.

The Huntsman plan would eliminate all loopholes, deductions and tax exemptions in exchange for establishing three individual income brackets, taxed at eight, 14 and 23 percent. The Huntsman plan would also eliminate capital gains and dividend taxes, do away with the Alternative Minimum Tax (AMT) and reduce the corporate tax rate to 25 percent.

James Pethokoukis is impressed, calling it "easily -- the most pro-growth proposal ever offered by a US presidential candidate."

Huntsman will present all this during a speech in New Hampshire this afternoon, highlighting his job creation package of regulatory reform, energy independence, free trade, and the aforementioned tax reform.

Alexander Burns notes the wonkiness of the plan and compares it to Tim Pawlenty's effort to be more specific than his foes.

It remains to be seen whether Huntsman can get more political traction from his proposals than Pawlenty got from his. Conservative elites have been looking around for a policy-intensive candidate, and hoped Mitch Daniels or Paul Ryan would play that role. If Huntsman is still an option for that crowd, despite his sharp criticism of the GOP, the speech could give some on the right a reason to be for him.

Meanwhile, Huntsman is releasing a new, fiscally-focused web video today to coincide with his speech.