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Kentucky Sen. Rand Paul outlined some of the highlights of a "fair and flat tax" plan he was to unveil on Capitol Hill later on Thursday, saying that the measure will not only simplify the nation's sprawling tax code, but will allow Americans to keep more of the money they've earned.

"We have a 70,000-page tax code and we're chasing businesses overseas," the Republican lawmaker, also a candidate for the presidency, told Fox News. "We're chasing Burger King to Canada. Every day there's a new company reincorporating somewhere else."

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"This would be the biggest proposal of any candidate so far," Paul told Fox News. "It would be the largest tax reduction in our history. Let's have the debate in our country [about where] money is better spent. Is it better spent by people that earned it or [by] sending it to Washington."

Paul said his plan will also keep the mortgage and charitable deductions, while not allowing any wealthy corporations or people to get away with paying no taxes.

In an opinion piece he wrote for The Wall Street Journal on Wednesday, Paul said President Barack Obama's middle-class economics plan's policies "have led to rising income inequality and negative income gains for families.

"Heres what I propose for the middle class: The Fair and Flat Tax eliminates payroll taxes, which are seized by the IRS from a workers paychecks before a family ever sees the money. This will boost the incentive for employers to hire more workers, and raise after-tax income by at least 15% over 10 years," Paul wrote.

In the column, Paul also said his plan "would blow up the tax code and start over."

He said he's consulted with the Heritage Foundations Stephen Moore, former presidential candidate Steve Forbes, who ran and lost on the flat-tax idea, and Reagan economist Arthur Laffer, to come up with a "21st-century tax code that would establish a 14.5% flat-rate tax applied equally to all personal income, including wages, salaries, dividends, capital gains, rents and interest.

"All deductions except for a mortgage and charities would be eliminated."

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Sen. Rand Paul to Unveil 14.5 Percent Flat Tax for All