Huntsman Plan: Hay or Nay?

[GHook93]

As any liberals and they will say he is there favor amongst the GOP field. So what do people think of his Economic plan (that got praise from the WSJ)?

Summary of plan:
(1) Personal Income Tax brackets: 8%, 14% and 23%
(2) Remove Personal Income Tax Deductions: Including Mortgage Interest (very popular one) and child credits (also extremely popular).
(3) Removal of Capital Gains Tax
(4) Corporate Tax: Lower it to 25%, remove deductions and tax on territorial systems.
(5) Repeal Obamacare (Good), the Dodd-Frank financial regulation law (Great), and the Sarbanes-Oxley accounting rules (OK, but...)!
(6) EPA, FDA & NLRR: Other than the FDA, good move!


My Take:
(1) I like getting rid of Obamacare, but I WANT AN ALTERNATIVE. Going back to status quo is UNACCEPTABLE!!! We need healthcare reform, but Obamination Care was the wrong path.
(2) Getting Rid of Dodd-Frank is great, I am seeing the law first hand and it's a disaster!
(3) Sarbanes-oxley is a costly mess! HOWEVER, Public companies need transparency. This is a MUST, but there has to be a more cost effective way of putting this requirement onto C-Corps!
(4) Huntsman what about Gramm–Leach–Bliley Act (GLB) and the Glass-Steagall Act: Glass Steagall Act was a FDR great regulation. FDR saw that commerical banks, investment banks (security firms) and insurance companies had way too much of a conflict of interest. Therefore, Glass-Steagall disallowed this. GLB did away with it. This was a main culprit of the Mortgage Meltdown. Huntsman needs to get rid of this law and have Glass-Steagall Reestablished.
(5) I like my mortgage interest and child credit deduction, so it's tough to say good call. But I like the lower tax rates.
(6) I like the corporate loopholes closing in exchange for a lower corporate tax, but 25% is still very high when you add in the state corp tax. I would like to see it get into the teens!

WSJ Sings Praises of Huntsman Economic Plan
The editorial praises the plan for creating three personal income tax rates of 8, 14 and 23 percent and paying for it by eliminating all deductions and credits.

“That means economically inefficient tax carve outs for mortgage interest, municipal bonds, child credits and green energy subsidies would at last be closed,” the Journal wrote. “The double tax on capital gains and dividends would be expunged as would the Alternative Minimum Tax. The corporate tax rate falls to 25 percent from 35 percent, and American businesses would be taxed on a territorial system to encourage firms to return capital parked in overseas operations.”

The plan also calls for the repeal of Obamacare, the Dodd-Frank financial regulation law, and the “Bush-era regulatory mistake, the Sarbanes-Oxley accounting rules, which have added millions of dollars of costs to businesses with little positive effect.” “Mr. Huntsman says he'd also bring to heel the hyper-regulators at the Environmental Protection Agency, Food and Drug Administration and the National Labor Relations Board, all of which are suppressing job-creation,” the Journal noted.

 

[OODA_Loop]

Liked this cat on CNN the other night.