Texas Governor Rick Perry released his flat tax plan to the public on Tuesday. In summary it is a flat income tax rate of 20%, preserving deductions for mortgage interest, charity, and state/local taxes. No federal sales tax or VAT. End taxes on Social Security benefits. End the death tax and taxes on qualified dividends and long-term capital gains. End corporate loopholes, reduce corporate income tax rate to 20%, and more.
In addition, the plan claims to cap federal spending at 18% of GDP and balance the budget by 2020.
Source: Cut, Balance and Grow