Simplify the Personal Income Tax Code and Lower Rates
Gov. Huntsman supports a version of the plan crafted by the Fiscal Commission, headed by Erskine
Bowles and Alan Simpson, commonly known as the "zero plan". Rather than nibble around the edges of
the existing tax code, he will introduce a revenue-neutral plan that eliminates all deductions and credits
in favor of three drastically lower rates of 8%, 14% and 23%. Eliminating deductions and credits in favor of lower marginal rates will yield a simpler and more efficient tax code, decreasing the burden on taxpayers.
Eliminate the Alternative Minimum Tax
Under the new simplified plan, Governor Huntsman will eliminate the Alternative Minimum Tax, which
is not indexed for inflation and is penalizing an increasing number of families and small businesses. This
tax is especially burdensome on the majority of small business owners who file as individuals.