Posted on 09/04/2011 12:07:15 PM PDT by 2ndDivisionVet
Former Utah Gov. Jon Huntsman, trailing badly in the GOP presidential race, hit hardest Sunday at a Republican who isn’t even in the race -- Sarah Palin.
Appearing on CBS’s Face the Nation, Huntsman described Palin’s call Saturday for no federal corporate income taxes “a great political bromide” unhinged from basic budget math.
“How do you do it? How to you make the numbers work?” he asked.
At a speech for a tea party event in Indianola, Iowa on Saturday, Palin called for a zero corporate tax rate coupled with an elimination of all corporate tax subsidies and federal bailouts. Palin declined to say whether she was running for president. Palin’s current polling average, according to RealClearPolitics.com, is 10.6 percent. Huntsman’s average is 1.2 percent. Texas Gov. Rick Perry is the current front-runner, with a polling average of 26.3 percent.
Huntsman's own plan would eliminate all tax subsidies for corporations and individuals and shrink the current six-rate personal income tax bracket with a three-rate bracket with rates of 8 percent, 14 percent, and 23 percent. The current structure contains rates of 10 percent, 15 percent, 25 percent, 28 percent, 33 percent, and 35 percent. Huntsman also wants to reduce the current federal corporate income tax rate from 34 percent to 20 percent.
Huntsman said his plan would be “revenue neutral” and would raise revenue to offset the losses linked to lower personal income tax rates by eliminating such popular tax breaks as deductions for interest on home mortgages, veterans' and Social Security benefits, and state and local income taxes.
“I know it’s going to be politically controversial, but I think it is absolutely needed at this point,” Huntsman said. “Everybody would like to go down to zero in terms of corporate taxes. I know how difficult it is to make the numbers work. You’ve got to find the revenue somewhere that you can reinvest in the tax code to bring down the rate for everybody. Ours is based on the real world and where we can make the numbers actually work.”
The (only) taxes corporations should pay, are import tariffs at any point a product or raw material enters the United States.
No loopholes, just one across the board import tariff.
Except on repatriated revenue, which should be tax-free. Anything which is imported during a product life-cycle is tariffed. Everything made in America, grown in America, or pumped out of the ground in America: ZERO corporate tax.
Not one penny.
It’s not complicated. America first.
“Removing the corporate tax would cause an explosion of economic activity in this country”
This needs repeating.
Knowing Palin she will roll out checkmates on the issue as needed. Hunstman is against it so it must be a good idea.
Yep.
Out of the woodwork come the cockroaches who have no vision or plan, to bash her because she does have one, and one that would work.
both parties are scared to death of her. Have to tear her down..
“Removing the corporate tax would cause an explosion of economic activity in this country...not to mention that corporations all over the world would rush to set up U.S. operations.”
This needs repeating.
“Removing the corporate tax would cause an explosion of economic activity in this country...not to mention that corporations all over the world would rush to set up U.S. operations.”
This needs repeating.
anybody else notice how much facetime the media gives Huntsman? that tells you who’s on the wrong track. ;-)
No really.
That wasn’t a joke. :D
Seriously, IMHO America needs to take a more assertive stand toward China wrt trade.
The reason we don’t, is because nobody really wants to think about it. Huntsman lived there for crying out loud.
He has no excuse for not driving down the middle of Pennsylvania in DC, with a megaphone shouting at the top of his lungs that we’re being ignorant boobs, and China is taking us to the cleaners.
Seriously. He of all people should have got that.
Apparently he was drinking mao-tai at expensive embassy dinners that day.
No really. I wasn’t joking.
Stop laughing...
:)
Who?
That said, I believe large corporations are a huge part of our problems. It is foolish to assume that corporate cronyism will end if corporate income taxes are abolished. Corporations have the means and will continue to lobby for laws that give them advantages over anyone else.
That said, Sarah may have something that might work well in the interim to at least get the economy going again. There is the possibility of enacting legislation long with corporate income tax exemption, that would more equally distribute the corporate profits among the shareholders and give shareholders more authority in selection, pay and benefits of corporate executives and employees. To get the exemption, corporations would have to adopt these new requirements into their charters.
Consider also that S-corporations don't pay income taxes. The taxes on S-corporation profits are paid by each owner through their personal income tax upon distribution, so precedence exists.
I doubt its that high.
Think of how many jobs would be created.
That's not even the bottom of the barrel, that's in the mud below the barrel.
It’s simply a matter of someone (Palin) faithfully ‘conserving’ Constitutional principals vs. 90 or so years of deviations towards statism. Her ideas might seem ‘out of the box’ or original, but they are not. They are simply logical conclusions derived from a faith in our founding principals. I applaud her for this and see great hope in getting back to the basics which made America the greatest country in human history.
Huntsman is really stupid, isn’t he?
Jon, we would ask you to stay, but no one wants you around.
Think of how many jobs would be created.
You must have missed Palin’s other proposal: eliminate all corporate welfare and all the loopholes, subsides and all forms of bailouts - We get the government out of the corporations as much as possible and visa versa...it wont be a 100% clean break for sure but it will be drastically better than it is now.
Quote: “The message then to job-creating corporations is: We’ll unshackle you from the world’s highest federal corporate income tax rate, but you will stand or fall on your own, just like all the rest of us out on main street.”
The only reason this guy’s in the race is to make Mittens look like a mainstream Conservative by comparison.
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