Governor Huntsman First Candidate With A Plan To Get Americans Back To Work
Manchester, NH – Yesterday, Governor Jon Huntsman was the first candidate for President to present a comprehensive plan to create jobs in America and end this period of high unemployment.
The plan has four main components: tax reform, regulatory reform, energy independence and free trade. To read the whole plan CLICK HERE.
Here’s what they are saying around New Hampshire:
Reuters Pethokoukis Blog: Huntsman Tax Plan Goes Big And Bold
By James Pethokoukis
Current polls say Jon Huntsman, former Utah governor and ambassador to China, isn’t a top tier candidate for the 2012 Republican presidential nomination. But he certainly has a top-tier economic plan. Huntsman will offer a broad proposal later today – covering taxes, regulation, trade and energy. But I already had a peek at the tax part. And I think it is excellent. Huntsman says he would do the following:
1) Eliminate all deductions and credits in favor of three drastically lower rates of 8%, 14% and 23%.
2) Eliminate the Alternative Minimum Tax.
3) Eliminate taxes on capital gains and dividends in order to eliminate the double taxation on investment.
4) Reduce the corporate rate from 35% To 25%. Huntsman would also shift to a territorial tax system and implement a tax holiday for the repatriation of foreign earnings.
Basically, this is the “zero option” Bowles-Simpson tax plan that lowers marginal tax rates and broadens the tax base. But there is at least one big difference. B-S would use part of the money from axing some $1 trillion in annual tax breaks to lower marginal rates and part for deficit reduction – a net tax hike. Huntsman would divert that extra tax revenue into “paying for” the elimination of investment taxes.
At first glance, this looks like perhaps the most pro-growth, pro-market (and anti-crony capitalist) tax plan put forward by a major U.S. president candidate since Ronald Reagan in 1980. But it is not without political risk. In addition to killing tax breaks for businesses, Huntsman would eliminate the mortgage interest deduction, healthcare exclusion, and the child tax credit among other “tax expenditures.” We’re talking about a whole herd of sacred cows. Both his fellow presidential candidates and Washington lobbyists will likely attack him for some of those ideas.
I would like to see an analysis of the plan’s distributional impact on various household income tax levels. In addition, a CBO-style revenue and spending breakdown would be helpful. Keep on the lookout for a chat I had with Huntsman about his economic plan. I will post it sometime after his speech later today on the proposal.
Nashua Telegraph: Presidential Candidate Jon Huntsman Visits Gilchrist Metal Fabricating
By Maryalice Gill
HUDSON – Sparks flew and machines ground as welders worked at Gilchrist Metal Fabricating on Wednesday afternoon, until Jon Huntsman, former Utah governor and Chinese ambassador, took the podium.
After a brief tour around the Hudson complex with company President Jack Gilchrist, Huntsman briefed 30 or more Granite Staters on his jobs creation plan, titled “Time to Compete,” if he’s elected president next year.
“The marketplace is crying out for predictability, competitiveness and signs of confidence,” Huntsman said. “Above all, people need jobs.”
Attendees, in attire ranging from Harley Davidson T-shirts to blazers and ties – some sporting “Huntsman” campaign stickers – sat listening in the middle of the plant’s press brake department, before a fresh, star-spangled banner that stood out sharply against the company machinery.
Huntsman spoke for 17 minutes about his solutions for job creation, including tax reform on subsidies and corporate welfare, regulatory reform to policies like the Dodd-Frank Act and “Obamacare,” energy independence in new domestic energy sources and free trade. He highlighted the Paul Ryan Plan and the Simpson-Bowles Commission as two sources for his ideas to improve America’s business climate.
“When I was born, manufacturing comprised 25 percent of our GDP,” Huntsman said. “Today, it’s down to around 10 percent. This does not reflect a decline in American ingenuity or worth ethic; it reflects our government’s failure to adapt to the realities of the 21st century economy.
“We need American entrepreneurs not only thinking of products like the iPhone or Segway, we need American workers building those products. It’s time for ‘made in America’ to mean something again.”
Perhaps no choir heard that preaching louder than some of the Gilchrist Metal Fabricating staff lining the back of the room, listening intently with arms crossed. Donald Johnson, of Windham, a project manager at the plant, said he’s been in manufacturing since the ’70s and that the industry’s getting tougher and tougher every year.
“We can’t just have people working in the service industry anymore,” Johnson said. “We all can’t work at Walmart or Burger King, not that that’s not honorable, but you’ve got to get people back to manufacturing. … You look at the debt now, it wasn’t as bad in the ’60s and ’70s. We’re not making money as a country.”
Paul Morissette of Londonderry, another Gilchrist Metal Fabricating project manager, said the hits that U.S. manufacturing has taken have an impact on his business accounts, as his customers seek manufacturing in countries like Slovakia.
“Most people tell me it’s not that they want to leave, but they can’t pass up their reduction in prices,” Morissette said. “You have to really work to get a customer in the door now, to really look at how you can reduce the costs. You have to show ways you can work the product better, cheaper, and more competitively.”
Morissette had picked up Huntsman’s 12-page packet detailing the jobs plan provided by campaign reps, to bring home to his wife, who Morissette said was interested in the former ambassador as a potential candidate. But Johnson and Morissette said it was too early to decide who to vote for, though they were looking for a leader with action, not just a plan. That’s what Huntsman touted of his own agenda at the end of his speech, before taking a handful of questions from the crowd.
“It’s time for America to start building things again,” Huntsman said. “It’s time for America to start working again. It’s time for America to compete again. President Obama won in 2008 on hope. We’re going to win in 2012 on real solutions.”
Union Leader: Huntsman Outlines Job Creation Plan During Stop In Hudson
By Julie Hanson
HUDSON — Presidential hopeful Jon Huntsman pushed new trade agreements, deregulation, and a simplified tax code as the keys to stimulating job creation during a New Hampshire appearance on Wednesday afternoon.
Huntsman, a former governor of Utah, is seeking the Republican nomination for President. He made his remarks after touring Gilchrist Metal Fabricating on Park Avenue in Hudson.
“The President believes that we can tax and spend and regulate our way to prosperity. We cannot,” Huntsman said. “We must compete our way to prosperity.”
Comparing debt to “a cancer that if left untreated will destroy our economy from within,” Huntsman said he supports spending cuts and a balanced budget. He was the only candidate to support compromise in order to avoid default during the debt ceiling debate, Huntsman said.
Huntsman outlined a plan involving tax and regulatory reform, energy independence, and free-trade policies that he said would expand the economy and create jobs. The country needs to start manufacturing again, Huntsman said.
“We need American entrepreneurs not only thinking of products like iPhone or Segway; we need American workers building those products. It’s time for ‘made in America’ to mean something again,” Huntsman said.
It costs taxpayers over $400 billion annually to stay in compliance with the 17,000-page tax code, according to Huntsman. He proposed overhauling the tax code to create a simpler system that eliminates all deductions and credits in favor of three rates — 8 percent, 14 percent, and 23 percent. He also proposed lowering the corporate tax rate from 35 percent to 25 percent.
To be competitive in the global market, American businesses need to be free of excessive regulation, Huntsman said. He would repeal existing regulations, reform the FDA testing and approval process, enact patent reform and reign in the EPA.
Cutting back EPA regulations will help economic recovery by opening new avenues to energy supply, Huntsman said. He said he would oppose a new ozone rule that he believes would effectively halt new construction.
The country must also end its “heroin-like” addiction to foreign oil and seek energy independence, Huntsman said. He said he would expedite the process for approving environmentally safe energy projects such as developing natural gas reserves and eliminating subsidies that support foreign oil.
Finally, he would promote free trade by prioritizing trade agreements that the current administration has not acted on in Colombia, Panama and South Korea, Huntsman said. He said he also wants to pursue new opportunities with other nations such as Japan, India and Taiwan.
“Ninety-five percent of the world’s customers live outside our borders, and with the United States party to only 17 of the more than 300 trade agreements worldwide, opening markets and expanding a customer base for American businesses is a common-sense tool to spark growth,” Huntsman said.
Free trade currently supports nearly 18 million jobs, Huntsman said. He said failure to lead in the global market will force this country to compete in a marketplace defined by our competitors.
The race for the White House in 2012 will be all about expanding the economy and creating jobs, Huntsman said.
“We are the most common-sense, optimistic problem-solvers in the world,” Huntsman said. “We can turn this around.”
Concord Monitor Primary 2012: Huntsman Pitches Jobs Plan
By Ben Leubsdorf
Candidate touts free trade, less regulation
Republican presidential candidate Jon Huntsman yesterday unveiled a sweeping package of tax reforms and regulatory rollbacks that he said would, together with new free-trade agreements and more domestic energy production, help create jobs and restart the U.S. economy.
"As the Obama administration has dithered, other nations are making the choices necessary to compete in the 21st century. I have seen that first hand," Huntsman said at Gilchrist Metal Fabricating's plant in Hudson. "In Brasilia, in Beijing, New Delhi and Seoul, our competitors are making the hard choices that will help assure their children a better life. If we fail to do the same, we are robbing our children of an inheritance every previous American generation has enjoyed."
Huntsman, a former Utah governor and ambassador to China and Singapore, released his jobs plan at the start of a six-day swing through New Hampshire ending Labor Day. He's been a frequent visitor in recent months, focusing on the Granite State's first-in-the-nation primary while largely ignoring the Iowa caucuses.
In Hudson yesterday, Huntsman spoke to several dozen people and a row of television cameras to detail his plan to fight 9.1 percent national unemployment.
"There is no more urgent priority at this point in our nation's history than creating jobs and strengthening our economic core. Everything else revolves around it and is dependent on it," Huntsman said. "Meeting our economic challenges will require serious solutions. But above all, it will require serious leadership - a quality in high demand in our nation's capital, and among my opponents on the campaign trail."
Huntsman's plan includes dramatic changes to the U.S. tax code. He proposes eliminating all deductions and credits, while reducing the number of income-tax brackets from six to three, with brackets at 8, 14 and 23 percent versus today's maximum bracket of 35 percent.
"Rather than tinker around the edges of what is a broken system, I'm going to drop a plan on the front steps of the Capitol that says, 'We need to clean house,' " Huntsman said.
Huntsman also proposes eliminating the alternative-minimum tax, the capital-gains tax and the dividends tax. He would reduce the corporate tax rate from 35 percent to 25 percent. And he would offer a "tax holiday" for overseas corporate profits to be invested in the United States.
He said the package of changes would simplify the system and be revenue-neutral for the federal government.
Huntsman's plan also contains a package of regulatory reforms, including repealing President Obama's health care reform legislation and the Dodd-Frank and Sarbanes-Oxley financial-reform bills. Huntsman would also rein in agencies like the Environmental Protection Agency and the National Labor Relations Board that he said are being too aggressive in regulating business.
"Our creative and entrepreneurial class is being strangled by a complex and convoluted web of misguided and overreaching regulations," he said.
Huntsman also said he would pursue free-trade agreements, including passing stalled deals with Colombia, Panama and South Korea and negotiating new pacts with India, Japan and Taiwan.
And his plan calls for streamlining approval for new domestic drilling and promoting hydraulic fracturing (usually called "fracking") for natural gas as priorities in an effort to stimulate domestic energy production.
Huntsman will be in the state through Monday, with stops in Concord, Manchester, Hopkinton, Alton Bay, Milford and Salem. His Concord events include a Greater Concord Chamber of Commerce business roundtable today and a visit Saturday to the gun show at Everett Arena.
For more information on Governor Huntsman’s candidacy, please visit JonHuntsman.com.