Under his plan, individuals could continue under the current system or opt for a 20 percent tax on income. It would preserve popular deductions, including those for mortgage interest and charitable contributions, and exempt $12,500 for each individual and dependent. The plan also would eliminate taxes on Social Security benefits, inheritances, dividends and long-term capital gains.

Help From Forbes

Perry drafted his proposal with help from Steve Forbes, who proposed a flat tax when he ran for the Republican presidential nomination in 1996 and 2000 and has endorsed the Texan's candidacy. At the time, he was criticized by Republican primary rival Pat Buchanan for a proposal Buchanan said seemed to have been drafted at a yacht club, and by Romney for pitching "a tax cut for fat cats."

Asked about the criticism, Perry told CNBC of Romney: "I consider him to be a fat cat."

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