Rick Perry: Time to Implement a Flat Tax

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Republican presidential candidate Rick Perry says he wants to abolish America's current tax laws and switch to a flat tax.

The Texas governor is expected to provide the details next week as part of his overall economic plan.

"In six days I'm going to release the details of an economic growth package that will create jobs, create growth, create investor confidence in America again," Perry said.

"It starts with … scrapping 3 million words of the current tax code, starting over with something simpler: a flat tax," the governor added.

Perry made it clear his plan would not be a retread of Herman Cain's 999 tax reform proposal.

"Herman, I love you, brother, but let me tell you something: You don't have to have a big analysis to figure this thing out." Perry told Cain during Tuesday's GOP presidential debate.

"Go to New Hampshire, where they don't have a sales tax, and you're fixing to give them one," he added. "They're not interested in 999. What they're interested in is flatter and fairer."

Liberals say Perry's proposal would give tax breaks to the wealthy while making lower and middle income families pay more.

But many conservatives say a flat tax is fairer because it taxes everyone at the same rate.

Critics across the political spectrum agree the current tax code is complicated and full of loopholes.

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