Jon Huntsman's American Jobs Plan

On Wednesday, Jon Huntsman came out with his American jobs plan "Time to Compete."

Some highlights submitted for your approval:

Tax Reform:

Introduce a revenue-neutral tax plan that eliminates all deductions and credits in favor of three drastically lower personal tax rates of 8%, 14% and 23%.

Eliminate the Alternative Minimum Tax, which is not indexed for inflation.

Eliminate taxes on capital gains and dividends.

Reduce corporate rate from 35% to 25%.

Regulatory Reform

Repeal existing regulations, including Obamacare (Affordable Care Act) and Dodd-Frank (Wall Street Reform).

Dramatically rein in the EPA. Oppose new ozone rule that would effectively halt new construction. On Friday, White House asked EPA administrator Lisa Jackson to withdraw the draft of the National Ambient Air Quality Standards plan. 

Ensure that NLRB and other agencies abandon their “job-destroying” policies.

Reform the FDA by streamlining the testing and approval process.

Enact comprehensive patent reform to weed out rent seeking and foster invention. "This American Life" episode "When Patents Attack" illustrates some flaws of current patent system.

Privatize Fannie Mae and Freddie Mac.

Energy Independence

Expedite the process for reviewing and approving safe, environmentally sound energy projects, including the development of North American oil and gas reserves; oil and gas in the Gulf of Mexico and Alaska; shale gas and oil in the U.S.; and Canadian oil sands.

Eliminate the subsidies and regulations that support foreign oil and inhibit domestic alternatives such as compressed natural gas (CNG), electricity, biofuels, and coal-to-liquids, which are not price-controlled by OPEC.

Free Trade

Make trade agreements with South Korea, Colombia and Panama a priority. Pursue new trade opportunities with Japan, India, and Taiwan.