Tags: Economic- Crisis | | Huntsman | tax | loopholes | jobs | plan

Huntsman: Time to Clear Out Tax 'Cobwebs'

By Hiram Reisner   |   Friday, 02 Sep 2011 04:11 AM

Presidential hopeful Jon Huntsman says his economic plan will clear out the “cobwebs” in the tax code and create jobs. The former Utah governor also said his proposals, endorsed in Friday’s Wall Street Journal, will bolster America’s economy and return the nation to the worldwide “game.”
“It speaks to job creation in a country that desperately needs it — it gets us into the game here, the second decade into the 21st century — and I’m very proud of it,” Huntsman told Fox News’ Greta Van Susteren. “But more than anything else, it draws heavily from what we did in the state of Utah. So as a candidate for the presidency of the United States of America, all I want to be able to do is say: ‘I have been there and I have done that’ — we reformed our tax code, we flattened the rate. We basically made it a whole lot more competitive in our state, and that’s exactly what we want to do for this country of ours.

“It’s time that we look at the tax code on the individual income side and on the corporate side and say: We’ve got to clear out the cobwebs — we’ve got to clear out the deductions, and the loopholes, and the corporate welfare, and we’ve got to buy down the rate. We’ve got to buy down the rate so that everybody benefits from that and it’s more competitive for the 21st century.”

Van Susteren noted that while the Wall Street Journal endorsement is important, it does come from a newspaper that caters to corporations and wealthier Americans.

The Journal endorsement says, in part: “Mr. Huntsman’s proposal is as impressive as any to date in the GOP presidential field and certainly better than what we’ve seen from the front-runners. Perhaps Mr. Huntsman should be asked to give the Republican response to the president's jobs speech next week.”

Van Susteren asked Huntsman what his plan does for those of lower incomes — particularly the unemployed.

“This plan, Greta, is all about jobs — that’s what it speaks to — it makes our economy that much more competitive; it speaks to job creation,” Huntsman said. “You’ve got 14 million people out of work. — you’ve got millions more who are so dispirited by the situation, they’re not even looking anymore. And so our tax reform basically looks at the bottom line being jobs in this country — we want to give people the dignity of a job — that’s the most important thing we can do. We need a tax code that is going to get us back in the game.

“We fundamentally must take the tax code and reshape it — we’ve got to clear out the cobwebs, the deductions both on the individual side and on corporate side and we've got to — we’ve got to buy  down the rate,” he said. “You combine that and regulatory reform — getting the regulatory monkey off our back — and we can turn this thing around. We can position ourselves for 21st century competitiveness and job growth. I've been there and I've done that — and I think we can do it for the nation.”

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