Presidential Hopeful Tax Plans: Jon Huntsman

Presidential hopeful Jon Huntsman released his “Jobs Plan” last week.  The Tax Reform proposals are as follows:

Simplify the Personal Income Tax Code and Lower Rates.  The Plan “eliminates all deductions and credits in favor of three drastically lower rates of 8%, 14% and 23%.  Eliminating deductions and credits in favor of lower marginal rates will yield a simpler and more efficient tax code, decreasing the burden on taxpayers.”

Eliminate The Alternative Minimum Tax. The Plan will eliminate the Alternative Minimum Tax. 

Eliminate Taxes on Capital Gains & Dividends.  The Plan will eliminate taxes on all capital gains and dividends. 

Reduce The Corporate Rate From 35% To 25%. The Corporate Tax Rate would be reduced from 35% to 25%.  The Plan would shift the US from a “worldwide income” system to a “territorial system” and implement a repatriation holiday for corporate profits earned overseas.   

The full text of the proposal can be found here.