"In my FY2014 Budget Plan, A Clear Vision to Revitalize America, I proposed replacing this broken system with a low-rate flat tax that would eliminate the preferential treatment we see today, yet provide a generous standard deduction and personal exemptions. The flat tax would eliminate every form of unfair double taxation in the United States, including the capital gains, dividend, estate, gift, and interest tax.
I am open to other options as well, but only those that will eliminate much of the complexity and regulation surrounding the current tax code. We need a tax code that helps businesses by being competitive in the global economy with lower rates. And we need to reduce the burden on small businesses and families by making it simpler."