GOP presidential candidate Rand Paul offers 'fair and flat tax' plan to 'blow up' tax code

Republican presidential candidate Rand Paul is calling for a "fair and flat tax" that he says would "blow up" the nation's tax code.

The first-term Kentucky senator on Thursday released the outline of a plan to institute a 14.5 percent income tax rate on all individuals and on businesses. His campaign says the proposal would cut taxes by $2 trillion over the next decade.

It's among the first detailed policy proposals released by his presidential campaign.

Paul calls for the elimination of the payroll tax on workers. He also eliminates corporate subsidies and personal deductions, except those for mortgage interest and charitable donations.

He's also promising deep spending cuts to ensure revenue losses don't explode the national deficit.