My tax reform plan: 20% reductions across the board

My plan is conservative in a way that stands out not only from President Obama’s failed approach of higher taxes and runaway deficit spending, but also from the say-anything-to-get-elected fiscal recklessness of some of my Republican rivals. Offering gimmicky proposals that rely on implausible levels of economic growth and blow huge holes in the budget is easy. Fixing our very serious problems is not.

I am prepared to make the difficult decisions our nation needs. I favor deep cuts in federal spending, and I’ve previously outlined exactly where I would cut and how I would reform entitlements to strengthen them for future generations. But we can’t look at spending in isolation.

I believe we must make the tax code simpler and fairer. We must reduce tax rates for job creators to promote economic growth. And we must still raise enough revenue to stop the endless borrowing that threatens American prosperity.