By Geneva Sands - 10/25/11 06:39 PM EDT
"The best representation of my plan is this postcard. This is the size of what we're talking about right here. Taxpayers will be able to fill this out and file their taxes on that," said Perry holding up a postcard at the public unveiling of his tax plan in Gray Court, S.C. Tuesday.
A central part of the Texas governor’s "Cut, Balance, and Grow" economic plan is to simplify the current tax code by introducing a flat 20 percent tax rate.
Opponents were quick to criticize his plan, saying it would benefit the wealthy at the expense of the middle class, as well as increase the national deficit.
In addition to the flat tax, Perry proposed a privatized option for Social Security and a hike in the eligibility age for Social Security and Medicare. He also said he would demand a regulatory freeze and a balanced-budget amendment to the U.S. Constitution.
During his speech, Perry touted abolishing the estate tax and taxes on capital gains and dividends under his plan.
He also told the audience that taxpayers would have a choice under his proposal. They will be able to either adopt his flat tax or keep their current tax rates.
"Taxes will be cut across all income groups across America and the net benefit will be more money in Americans pockets," he added.
For the the latest details on Perry's economic proposal, click here.