Tags: Huntsman | tax | loopholes | deductions | GOP

Huntsman: Strip Tax Code of Deductions, Loopholes

Thursday, 01 Sep 2011 09:56 AM

Republican presidential hopeful Jon Huntsman is calling for an end to all deductions and loopholes in the tax code. The plan, which includes ending the interest deduction for home mortgages, puts him in conflict with congressional Republicans who view closing loopholes as tax increases, The New York Times reported.

“Over the last few decades, our tax code has devolved into a maze of special-interest carve-outs, loopholes and temporary provisions that cost taxpayers more than $400 billion a year to comply with,” Huntsman said in a speech at a metal plant in Hudson, N.H. “Get rid of all tax expenditures, all loopholes, all deductions, all subsidies, all corporate welfare.”

The former Utah governor’s plan borrows from both Rep. Paul D. Ryan’s proposal and the bipartisan Simpson-Bowles Commission recommendations to reduce the deficit and calls for income tax rates of 8 percent, 14 percent and 23 percent, the Times reported. The plan also calls for lowering corporate and individual tax rates and ending taxes on capital gains and dividends.

Huntsman, who has been positioning himself as a moderate in the GOP field, also used the speech to push for energy independence, the Times reported.

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