This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Huntsman Outlines Sweeping Tax Reform

NEW YORK ( TheStreet) -- Former Utah Gov. Jon Huntsman was expected to outline his presidential platform for tax reform on Wednesday as his campaign hoped to boost the governor's voter recognition as a candidate with tangible policies.

The plan would focus on four categories that include tax reform, regulatory reform, energy independence and free trade, Huntsman's campaign said.

Former Utah Gov. Jon Huntsman

As Huntsman Spokesman Tim Huntsman told TheStreet last week , the governor advocates a "revenue-neutral" tax hike that would reinvest the resultant revenue into the tax code. The expected plan would remove loopholes, deductions and tax expenditures through consolidation.

Huntsman would separate the tax code into three individual tax brackets of 8%, 14% and 23% and completely eliminate capital gains and dividends taxes. The former U.S. ambassador to China is also expected to reduce corporate rates to 25% and kill the alternative minimum tax.

"The president believes that we can tax and spend and regulate our way to prosperity," Huntsman will say in prepared remarks.

Polls have consistently ranked Huntsman near the bottom among Republican presidential hopefuls with average voter favor somewhere between 1% and 2%.

One of Huntsman's largest hurdles has been to separate himself from former boss President Barack Obama. Obama appointed the twice-elected Utah governor as ambassador to China in 2009.

The choice to shape a specific tax plan so early in the race is rather ambitious, but someone like Huntsman -- who trails in the polls -- has greater incentive to lay out a policy plan, Ray La Raja, a political science professor at University of Massachusetts-Amherst, told TheStreet.

" Candidates try to put plans off as long as possible," La Raja said. He said someone like former Massachusetts Gov. Mitt Romney has almost no incentive to delineate specific policies while he is a comfortable front-runner.

Former Minnesota Gov. Tim Pawlenty similarly gave an early speech on a "serious" foreign policy plan on June 28 that he hoped would jump-start a flagging campaign. La Raja said that Pawlenty did this to stand out as the smartest candidate. But Pawlenty's strategy backfired, and a month later the governor resigned from the race.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
AAPL $132.65 1.82%
FB $81.91 0.47%
GOOG $555.37 -1.71%
TSLA $231.55 6.01%
YHOO $44.36 -0.36%

Markets

DOW 18,037.97 -42.17 -0.23%
S&P 500 2,108.92 -8.77 -0.41%
NASDAQ 5,060.2460 -31.8390 -0.63%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs