Michele Bachmann Talks Tax Code with ABC News

The GOP hopeful discusses her economic plan with ABC News' Jonathan Karl
3:00 | 10/27/11

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Transcript for Michele Bachmann Talks Tax Code with ABC News
Conklin -- thank you for joining us thank you. Now I saw looking at your FaceBook page suggestion that Rick Perry basically ripped off your economic. You know borrowed heavily from -- well I was thankful I was thankful and grateful because. Imitation is the most sincere form of flattery and so were grateful and so where we're thankful that the ideas that have been talking about for a long time again. I'm a former federal tax litigation turning to suspend my life. The tax system that will produce an economic miracle is one that we've already seen in the United States and that's the -- Ronald Reagan put into place. And the 1980s and that created the greatest boom that we've had. And that's what I'm doing I'm pulling out. Leaf out of Reagan's plan which is to simple -- that simplify and -- -- tax code. And that's essentially what we're praying for it was a plagiarism and dignity that it. Was it basically taken out of -- -- of the ideas that I've been espousing are those again that lower the tax rates. Flatten it make it far more simple far less complex. But also make it so that the average American. Can fill -- their taxes on a postcard and I've been talking about this for months. I've been reading through your plan as it posted under under website but but I there's some specifics to help -- fill in some blanks. We Perry came out -- is a flat tax 20% across the board. Exemptions 121500. Per -- -- -- that are what are the specifics on here's what. Is your tax rate what is it a flat tax could -- it says. You want to reduce the number of tax brackets that doesn't sound like a flat tax wants to reduce -- to -- Well again what with the principles and firing from -- Reagan's Reagan's didn't Reagan didn't have one tax rate. Ultimately He was able to get the rate down to 28%. And 15%. And He was working together with a Democrat controlled congress. What my plan is this to abolish the tax code. And bring those rates down they'll be more details that are forthcoming but right now what I'm talking -- -- principals -- not a flat tax. You -- not in favor of tough flat tax on the order of Ronald Reagan. But nobody is not flat tax He had several different -- yet again his principles were to -- and simplify the tax code so no one rate -- -- not anyone rape -- there there will be there will be on the order Ronald Reagan the principles that brought about this economic growth and that they'll -- more information for come. Case -- got to ask you are here. Your constituents that are being back in Minnesota many of them say that they want you if you do not win the Republican nomination. To run for re election in Minnesota. Will you reconsider you've said you won't write what we reconsidered as any chance He would run again for congress. What I have said is that I am focused on the presidency of the United States and -- winning that position not because I have self aggrandizing view of who I am. But I do believe that I -- the best ideas and and more important. I had the political will to carry it out. People have seen in the past -- they've elected people to office that those people once they get into office don't necessarily deliver. That's -- real distinction between me and other candidates I do what I say and I say but I mean. And people know that for me but you categorically rule out running for reelection for news. I want you know I I served the sweetest people in the United States wonderful people. Lake will look at as the area that I get to represent the best humored salt of the year of people on the planet. And I am so grateful that they have appreciated my service may have allowed me. To build -- represented them here in Washington. Now what I wanna do is take that voice that I took to the halls of congress and take it into the White House where it hasn't been heard for very long time. But it sounds that you wouldn't rule out -- well what I'm doing is focusing on the press are absolutely a very seriously and I'm I'm 100% focused on the president's all right congresswoman Bachmann thank you for taking time talk to us I'm sure we'll see you probably an island next -- We will both the monetary I'll -- -- -- thanks for thinking thank you. Think you.

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

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