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In a perfect world we would bring corporate tax rates down to 25% or less so we can get competitive in the world economy. Ultimately, I would love to see a flat tax.

If I could wave a magic wand, we would eliminate income tax; we would eliminate corporate tax. We would abolish the IRS, and we could replace all of it with one federal consumption tax.

The bottom line is we need a tax code that is more simpler, that is more fairer, that gets rid of the special carve-outs, the special lobbyist loopholes. That's the direction we need to go.

As president, I would promote a Fair and Flat Tax plan, known as the 'EZ Tax.' My tax plan would be the largest tax cut in American history, reforming individual, business, and worker taxes.

If we were starting from scratch, there's no question a simple retail consumption tax with protections for those with lower incomes would drive the economy the best and be the simplest to administer.

I would rather we limited - for the sake of transparency - we limited the number of taxes that we had and we were right up front about what they are, how much they are, and so forth.

We need a tax code that promotes savings, investment, achievement, innovation, and hard work.

I think you need to have a tax system that basically is flat, fair and simple. And - that you can put on a post card. I mean, even Timothy Geithner could do this one and get it on time.

We should try to ensure that everyone has a fair opportunity to find a great life. It's a quest that will require political will and ingenious policies. President Obama's proposed expansion of the earned-income tax credit goes in this direction, but we need more.