While the former Governor’s jobs plan incorporates the only two pillars of the overall GOP jobs plan - deregulation and corporate tax cuts - Huntsman goes even further. Read the Whiteout Press article, ‘Dueling Jobs Plans, Obama vs House GOP’ for more details. In the process of revealing specific details regarding his proposal to create jobs in America, Huntsman has surged ahead of President Obama and every other Republican candidate for President in that regard. While the President continues to play games with America’s employment disaster, most recently by scheduling his Jobs speech at the exact same time as next week’s GOP Debate, the other candidates for President have given little more than generic suggestions of “cut taxes” and “get the government out of the way”.
Here are the details of Jon Huntsman’s Jobs Program, from campaign website www.Jon2012.com:
- Personal Income Tax. This one affects all of us and Huntsman’s proposal is nothing new. It is however, controversial. The former Utah Governor would simplify the entire tax code and eliminate all deductions, credits and other loopholes. At the same time, tax rates would be broken into three simple categories – 8, 14, and 23 percent respectively. According to the proposal, this is a revenue-neutral idea because the lower tax rate offsets the elimination of the various confusing deductions.What the proposal doesn’t include is the number of lost jobs if this change were to become official. There are an estimated 330,000 CPA’s in America and millions more tax preparers. Americans would be extremely happy to be able to do their taxes without paying hundreds of dollars to tax preparation companies and without the chance of going to prison because the IRS runs the most confusing program ever imagined. But millions of jobs would be lost the day the simplified income tax law went into effect.
- Eliminate the Alternative Minimum Tax. This one is a gift for the upper middle class. While it is an unfair program because the rate never shifts for inflation, it’s also a large revenue source for the government.
- Eliminate Capital Gains and dividend Tax. This is a long sought-after proposal of the GOP’s wealthy elite wing. Republicans and investors claim the Capital Gains tax is a double-tax because money invested had to be earned and therefore, taxed once already. In reality, it would be a large tax break for the middle, upper middle and upper classes.
- Reduce Corporate Tax Rate from 35 to 25 Percent. This would be a gift to the corporate executives who already earn tens of millions of dollars per year. History has shown time and time again that any reduction in the US corporate tax rate will not necessarily create jobs. Instead, it will be split three ways between executive bonuses, investor dividends and foreign expansion.
- Repeal Regulations like Obamacare and Dodd-Frank. While repealing Obamacare will hurt giant multinational insurance conglomerates, it will greatly benefit Wall Street’s elite.
- Reign in the EPA. Huntsman would oppose or eliminate recent and new EPA regulations that are halting energy production and exploration. Again, this will create a fortune for Exxon, BP, Halliburton and other multinational energy companies. At the same time however, it will most-likely lead to increased environmental disasters and the guaranteed extinction of the world’s polar bears.
- Streamline the FDA Approval Process. This proposal is still a mystery. America is already enduring thousands, if not millions, of deaths each year due to adverse drug reactions. Most recently, Americans discovered that medical devises being implanted into millions of Americans have never even been tested before on humans. While the FDA approval process can be time consuming, it is so for a reason. Americans want to be protected from long-term side effects, not just short-term.
- Patent Reform. This idea may just be the best and most beneficial to job creation. Huntsman’s plan to eliminate the massive backlog at the US Patent Office will most definitely free up millions entrepreneurs to turn their dreams and ideas into companies and jobs.
- Privatize Fannie and Freddie. While this idea is totally dependent on whether or not the US taxpayer is still on the hook to underwrite the losses of a privately owned Fannie and Freddie, it could bring the US housing market back in line with reality. Once that happens, financial analysts explain, the housing market will become stable and free to grow once again.
- Make Free Trade a Priority Again. Like former Governor Huntsman’s housing idea, this one depends entirely on the specifics. Too many Free Trade agreements of the past have turned out to be rigged against the United States. One leader after another has sold out the American people in the name of global expansion for the world’s multinational corporations. What the American worker needs is Fair Trade, not Free Trade.
All in all, Jon Huntsman’s ideas are detailed, sound and sure to have an effect one way or another. Unfortunately, most of his proposals amount to a blank check to the world’s corporations on a gamble that they may take some of those extra profits and ‘give back to the community’. Americans have fallen for this trick too many times to believe these financial infusions will some how ‘trickle down’ to the rest of us. On the positive side however, Huntsman has proven to have put more thought into America’s jobs crisis than any other candidate. And some of his ideas are actually good, like simplifying the tax system and unclogging the US Patent Office. And unlike President Obama’s and the GOP’s dueling Jobs Plans, Huntsman’s would actually create jobs.
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