A preview just went up at the WSJ:
On Tuesday I will announce my “Cut, Balance and Grow” plan to scrap the current tax code, lower and simplify tax rates, cut spending and balance the federal budget, reform entitlements, and grow jobs and economic opportunity.
The plan starts with giving Americans a choice between a new, flat tax rate of 20% or their current income tax rate. The new flat tax preserves mortgage interest, charitable and state and local tax exemptions for families earning less than $500,000 annually, and it increases the standard deduction to $12,500 for individuals and dependents.
e will lower the corporate tax rate to 20%–dropping it from the second highest in the developed world to a rate on par with our global competitors.
I guess you could call it the 20-20-0 Plan. Unlike Herman Cain’s somewhat fuzzy 9-9-9 Plan, this one will supposedly target spending too (which is critical). Unlike Mitt Romney’s 87-page snoozer, people will presumably read this one.
It’ll be impossible to score, though, because of that “choose your own tax system” feature. It’ll be impossible to predict how many people (and which people) will pick this new option if it’s made available. All anyone can do is score it as if 100% of taxpayers choose to switch, which won’t happen.