Jon Huntsman Proposes Vast Tax Overhaul

Plan would hack taxes on rich, effectively raise them on middle class
By Kevin Spak,  Newser Staff
Posted Sep 1, 2011 9:12 AM CDT
Jon Huntsman Proposes Vast Tax Overhaul
Republican presidential candidate former Utah Gov. Jon Huntsman speaks during a campaign stop at Gilchrist Metal Fabrication, Wednesday, Aug. 31, 2011, in Hudson, NH   (AP Photo/Jim Cole)

(Newser) – Languishing in polls, Jon Huntsman veered to the right yesterday, laying out a sweeping economic plan that would scrap a variety of regulations, slash taxes dramatically for the wealthy, and eliminate loopholes. “Our tax code is too complex, our rates are too high, and the tax burden is carried by too few,” Huntsman wrote in the plan, according to the Boston Globe. He called for eliminating all “tax expenditures,” in order to lower tax rates, creating three brackets, taxed at 8%, 14%, and 23%.

Taxes on the wealthy haven’t been that low since before the Coolidge Administration, Think Progress points out. Huntsman also proposes eliminating the capital gains tax entirely, another boon to the wealthy. Middle class families, meanwhile, would be hit with an average $1,890 more in taxes a year, while seniors would be taxed on Social Security income and veterans on their pensions and disability benefits. Huntsman also wants to eliminate Obamacare, Dodd-Frank financial reform bill, and the EPA’s “serious regulatory overreach,” the Washington Post reports. (Read more Jon Huntsman stories.)

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