Huntsman Gets It

Too little, too late for a fading to irrelevance GOP contender, but the other day Jon Huntsman came out with his economic/job producing plan in the wake of the much anticipated Obama jobs speech next week. I’m surprised that he was first out of the gate on an issue that should be job one (tee hee) on every one’s resume, but here it is.

I won’t post an excerpts, it is a short piece and all good stuff, stuff incidentally that if you dissect it one by one, stuff that I have talked about and endorsed, maybe that is why I like it.

Bullet points:

Flatter fairer simpler tax bases, what’s not to like.
Getting rid of subsidies and deductions, about time. The government should not be in the business of rewarding some business (people) and penalizing others, tax people on their income, nothing else.
Getting rid of capital gains, removing the double taxation and providing some relief to the middle class and elderly, both of these classes rely on cap gains for their survival.
Lowering the corporate tax rate, self explanatory, private businesses are the real job creators, provide an atmosphere that is conducive to growth.
Repealing Obamacare, Dodd-Frank, and Sarbanes-Oxley, stuff that is necessary but will have to wait till after 2012.
Neutering the EPA, FDA and the NLRB, same as above, necessary but not feasible now.

His recommendations are also significant for what it leaves out, implementing a VAT. For those who haven’t heard much about VAT’s, stand by, you will. The Europeans discovered this handy new means of legal thievery years ago, amongst those Harvard academician types that populate Obama’s economic advisers, the VAT is gaining traction big time.

If nothing else, Huntsman threw some cold water on the genuines to put up something themselves. Folks want to know what they will do beyond the typical political bromides, some specifics are in order. The typical ,”I will just get out of the way and let the free market work” is so yesterday.

Comments are closed.

  1. West Virginia Rebel

    Unfortunately, ideology and personality conflicts seem to be driving the Republican candidates right now. Maybe, as more scrutiny is given to Perry and Romney potentially fades, Huntsman might have a chance to break through. If Palin gets in, that will take some of the wind out of Perry’s sails.

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  2. Hal_10000

    VAT’s more efficient than income tax, so I wouldn’t mind it, providing our other taxes were reduced accordingly. I’m with him on cap gains and profits if those are just rolled over as ordinary income. I don’t think we should exempt people from income tax when they’re making money off of commodites or stocks.

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  3. CM

    VAT’s more efficient than income tax, so I wouldn’t mind it, providing our other taxes were reduced accordingly.

    That’s exactly what our current centre-right Govt did here recently. GST went up from 12.5% to 15% and income tax rates were reduced. It was tax neutral overall. I thought it was a good idea (tilt tax more towards consumption than earning). Make working more desirable and spending slightly less so.

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  4. Seattle Outcast

    The VAT is a business destroyer – and no, they won’t reduce taxes here to “compensate”. It will merely be viewed as yet another permanent source of revenue for the government, on top of all the existing ones.

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  5. Seattle Outcast

    The VAT envisioned by Clinton and others like him was envisioned as taking effect at every step during a manufacturing process. By the time you got done making anything you owed double in taxes for what is was going to originally sell for.

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  6. Hal_10000

    that’s actually the advantage SO. You eliminate the black market problem because to get the vat refunded, middle men have to show that they’ve paid it. VAT is only charged on value added at each stage.

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  7. Hal_10000

    We don’t manufacture anything here either. THe VAT would be infinitely better for business than, say, the corporate income tax, compliance with which is a multi-hundred billion anchor on the economy.

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