Jon Huntsman to propose major tax code changes




GOP presidential hopeful Jon Huntsman today will outline his plan to create jobs, including a major overhaul of the tax code that eliminates "all loopholes, deductions and tax expenditures."

Huntsman, a former Utah governor lagging in national polls for his party's nomination, will challenge his GOP rivals and President Obama as he presents a jobs plan focused on long-term solutions coupled with an end to regulatory burdens that provide short-term relief.

"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 this afternoon during a speech at Gilchrist Metal Fabricating in Hudson, N.H.

According to excerpts released by Huntsman's campaign, the candidate will call for:

Three tax brackets at 8%, 14% and 23%.
Eliminating capital gains and dividends taxes.
Eliminating the alternative minimum tax, which was originally designed to prevent the wealthy from dodging taxes but increasingly hits middle-class taxpayers.
Reducing the corporate tax rate to 25%.

Huntsman has polled in single digits well behind Texas Gov. Rick Perry and former Massachusetts governor Mitt Romney in Gallup and other national polls on the race for the Republican presidential nomination.

In recent weeks, Huntsman has become increasingly critical of his GOP rivals. He's taken on Perry for his comments on global warming and evolution and Romney for enacting a health care plan in Massachusetts that includes an insurance mandate.

During the campaign, Huntsman has frequently pointed to his record while Utah governor, noting the state was first in job creation during his tenure and had low unemployment.


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