Wow: Huntsman's proposed tax plan would lower top rate to 23%

The centerpiece of the plan is a proposal to reform tax rates. The Huntsman plan would eliminate all loopholes, deductions and tax exemptions in exchange for establishing three individual income brackets, taxed at eight, 14 and 23 percent. The Huntsman plan would also eliminate capital gains and dividend taxes, do away with the Alternative Minimum Tax (AMT) and reduce the corporate tax rate to 25 percent.

The plan precedes two major jobs speeches next week by former Massachusetts Gov. Mitt Romney (R) and President Obama. Huntsman’s speech looks to set the stage for both of those announcements, particularly Romney, whom Huntsman has targeted in New Hampshire and South Carolina over the course of the campaign.