He calls it "Cut, Balance and Grow" and its center piece is a flat rate 20% income tax with a $12,500 standard deduction for individuals and dependents. For those inclined to whine about taxing the poor, Rick Perry includes an option to pay at your existing rate rather than the 20%.
The plan starts with giving Americans a choice between a new, flat tax rate of 20% or their current income tax rate. The new flat tax preserves mortgage interest, charitable and state and local tax exemptions for families earning less than $500,000 annually, and it increases the standard deduction to $12,500 for individuals and dependents.
This simple 20% flat tax will allow Americans to file their taxes on a postcard, saving up to $483 billion in compliance costs. By eliminating the dozens of carve-outs that make the current code so incomprehensible, we will renew incentives for entrepreneurial risk-taking and investment that creates jobs, inspires Americans to work hard and forms the foundation of a strong economy. My plan also abolishes the death tax once and for all, providing needed certainty to American family farms and small businesses.
I'll support him on the basis of this plan alone. He thinks along the same lines as I do.