GOP presidential hopeful Jon Huntsman may have ruffled some conservative feathers with his recent comments on climate change, but he may mend some ties with his new economic plan — the most sweeping of any Republican candidate to date.
Huntsman proposes significant changes to the U.S. tax code, including eliminating all deductions and dropping the top rate to just 23%. Billed by some as Huntsman’s “last best chance,” what impact will this have on the GOP field?
The centerpiece of the plan is a proposal to reform tax rates. It would eliminate all loopholes, deductions and tax exemptions in exchange for establishing three individual-income brackets, taxed at 8 percent, 14 percent and 23 percent. The Huntsman plan would also eliminate capital-gains and dividend taxes, do away with the Alternative Minimum Tax and reduce the corporate tax rate to 25 percent.
Other GOP candidates would do well to propose similarly bold free-market steps to get our economy back on track. Offering clear alternatives to Obamanomics will also only serve to help the GOP’s general election candidate with unemployment remaining at 9%.
That said, I’m not sure how well nixing deductions for mortgage interest will go over since people purchase a home counting on that deduction and figuring it into their payment calculations.
And what about charitable donations? Will charitable giving suffer if people can no longer benefit from it financially? One would hope not, but I‘m sure it’ll be a legitimate concern many will have about the Huntsman proposal.
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