Pipedream Legislation Would Tax Billionaires at 49%

Unheard-of GOP Presidential candidate Jon Huntsman isn’t doing so well in the race for his party’s nomination. This is probably due to the fact that he seems like a fairly pragmatic fellow and pragmatism isn’t really something that fits in the GOP agenda. I mean, COME ON, the man believes in evolution and trusts scientists on climate change. Clearly he’s going nowhere with those kinds of policy positions.

So, in what will likely amount to another failed attempt to bring some sense to the GOP narrative, Huntsman will give a speech on tax reform and various other issues in New Hampshire.

Huntsman will lay out his plans for tax and regulatory reform, energy independence and free trade in a New Hampshire speech that’s being billed as perhaps the last best chance for Huntsman, who stands far behind the GOP frontrunners in polls, to establish himself as a serious contender for the Republican presidential 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. 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.

Now all he has to do is mention God’s role in all of this and he’ll be the frontrunner.

Huntsman to unveil sweeping tax reform [The Hill]