David Stemerman

Big Idea: Restructure and renegotiate retirement liabilities as part of a cost reduction plan to enable $3 billion in tax cuts.

Highlights: Lower income tax rates to a maximum of 5 percent, 4 percent for households at $50,000; use private partnerships to improve infrastructure including airports; reduce and restructure retiree benefits through buyouts and/or moving large numbers of people to 401 (k)style plans; create an independent, locked financial trust for state assets to shore up pension plans; eliminate estate and business entity taxes; review all tax credits and exemptions; create a regulatory reform task force; fund schools based on performance.

Comments: Stemerman formed an investment fund in 2008 and it grew to nearly $2 billion before he closed it to run for governor, and now he’s using his background — including a law degree and an MBA, both from Harvard — to analyze the state economy in copious detail. He says unions must either agree to lower-than-promised retirement benefits or see the federal courts erode their pension rights under future Supreme Court Justice Brett Kavanaugh. “There is not enough money today nor will there ever be to fulfill the responsibility,” Stemerman said. He says his plan is a “fair deal” that’s better than state employees would otherwise see, but persuading unions to buy in or winning concessions in court are both steep hauls.