Presidential Hopeful Rick Perry Proposes Flat Tax

06:47

October 25, 2011

Republican presidential candidate, Texas Gov. Rick Perry delivers a keynote address during the Western Republican Leadership Conference, in Las Vegas. (AP) — Republican presidential candidate, Texas Gov. Rick Perry, delivers a keynote address during the Western Republican Leadership Conference, in Las Vegas. (AP)

GOP presidential hopeful Rick Perry, who is looking to to lift his poll numbers, today rolled out an economic plan that includes a proposal for a flat tax.

The flat tax would allow people to pay one tax rate of 20 percent. However, people could opt out of that rate if they prefer their current rate.

His plan also would also eliminate the estate tax and end taxes on Social Security income.

Perry is branding the proposal "Cut, Balance, and Grow."

TIME: Rick Perry Reshuffles Staff, but the Heart of His Campaign Remains the Same

Guest:

Jay Newton-Small, reporter for Time magazine

This segment aired on October 25, 2011.