Huntsman to announce sweeping tax reform

Former Utah Gov. Jon Huntsman (R) will propose sweeping tax reforms Wednesday in a speech outlining his plans on job creation.

The GOP presidential candidate will lay out his plans for tax and regulatory reform, energy independence and free trade in a New Hampshire speech thats being billed as perhaps the last best chance for Huntsman, who stands far behind the GOP front-runners in polls, to establish himself as a serious contender for the nomination. 

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, according to excerpts released by his campaign.

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.

The plan precedes two major jobs speeches next week by former Massachusetts Gov. Mitt Romney (R) and President Obama. Huntsman’s speech looks to set the stage for both of those announcements, particularly Romney’s, as Huntsman has targeted him in New Hampshire and South Carolina over the course of the campaign.

We need American entrepreneurs not only thinking of products like the iPhone or Segway; we need American workers building those products, Huntsman will say. It’s time for Made in America to mean something again.