Former Utah Governor Jon Huntsman and Republican Presidential candidate Jon Huntsman is proposing to shakeup, revolutionize and simplify the nation's convoluted and complex tax code.
According to Politico's Mike Allen:
"Huntsman will advocate a dramatic, revenue-neutral restructuring of the tax code that will remove all loopholes, deductions and tax expenditures. The result is consolidating the tax code into the following: Three individual tax brackets: 8, 14, 23%...elimination of the capital gains and dividends taxes...elimination of AMT and a reduction of the corporate rate to 25%."
President Obama, who campaigned on CHANGE YOU CAN BELIEVE IN, has done nothing to simplify the tax code. Huntsman is taking direct aim not only at Obama, but also other Republican candidates who don't get serious about changing the tax code.
In recent years, many have discussed implementing a fair tax, flat tax and other ways to get rid of the complex tax system and replace it with something that is simple and broadens the tax base.
What is your solution?