Rick Perry Announces Flat Tax Plan

Texas governor hopes economic plan will help spark his presidential campaign.
3:13 | 10/25/11

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Transcript for Rick Perry Announces Flat Tax Plan
-- -- politics your voice your vote and Texas governor Rick Perry. After his plunge in the polls he's plotting a comeback of new faces on his campaign team new ads in Iowa and a new tax plan he's rolling out today. And -- John cause him more on that good morning John. Good morning George Will Perry hopes that the campaign changes and this ambitious tax plan or reverse a slide in the polls. But He is sure to face controversy over new comments that He has made about the president's birth certificate. Three the last debate Perry promised he'd have -- to cut. -- -- -- -- -- -- plans would you brother and we'll see who has the best idea about how you get this country working again. -- plan a flat tax allowing anyone regardless of income. To pay one tax rate of 20%. First 121500. Dollars and income would be exempt mortgage interest and charitable contributions would still be deductible but only for households. Under 500000 dollars. Other tax breaks and loopholes would be eliminated. It's time for a change. Perry's flat tax would be optional if you want to stay in the current system you can. -- is borrowing a planned from Steve Forbes He ran and lost on a flat tax in 1996. Now he's supporting. -- to capitol creator job creator which is why -- backing up Kerry for president. Four years ago Mitt Romney sharply criticized the idea of a flat tax. As -- windfall to the wealthy would see their income tax rates go down and would no longer pay taxes on most of their investments the very very wealthy the people who. Sit back and clip coupons who have very substantial investments would pay no taxes at all most of Perry's wounds have been self inflicted. Most recently in an interview with Parade Magazine He cited Donald Trump in expressing doubts about whether Barack Obama was born in the United States. That prompted a sharp rebuke from Karl -- You associate yourself with a nutty view like that -- you damage yourself. Perry is doubling down on that -- issue saying in an interview out this morning. Quote it's a good issue to keep alive it's fun to poke at him. And with that George Rick Perry is the only candidate in this Republican race for the nomination to question the president's course that and it might get in the -- -- his -- -- -- -- meanwhile -- and another campaign. I heating up the Twitter sphere overnight in YouTube this ad from her McCain's campaign manager mark block. Unadorned and polished but it also something you don't expect the scene a political -- take a look. We need you to get involved because together. We can do this we can take this country back. Yeah it's entirely random George I don't think I've seen another political campaign ad or video. -- features somebody smoking in many many many years if ever. But dot McCain's campaign is nothing if not on -- bit and of course is head of the National Restaurant Association. He did work with the tobacco industry to -- restaurant. Smoking bans OK -- Karl thanks very much.

This transcript has been automatically generated and may not be 100% accurate.

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