Presidential candidate Fred Thompson issued a tax plan that would give taxpayers the option of choosing a simplified flat tax.

Under Thompson's plan, the simplified flat tax would provide two tax rates: 10 percent for joint filers with incomes of up to $100,000 ($50,000 for singles) and 25 percent for incomes above that amount. The standard deduction would double to $25,000 for joint filers and $12,500 for singles. The personal exemption would increase to $3,500. Capital gains and dividends would be taxed at today's 15 percent rate. There would be no other tax credits or deductions.

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