GOP presidential candidates talk about tax reform

A new Iowa poll out this weekend has Herman Cain leading the race for the Republican presidential nomination with 23-percent of those asked supporting him. Mitt Romney came in second with 22-percent.

This as several of the GOP hopefuls went on the Sunday morning talk shows to talk about tax reform.

Cain hopes what he calls his connection to the people keeps him ahead in the polls. Sunday, Cain explained why he thinks his 999 tax plan will work.

"The cost of goods will actually go down because the way 999 works is that we take out the invisible embedded taxes. So essentially what will happen is the embedded taxes, which have been estimated by many economists on everything that we buy in this country to be anywhere from 30 to 40 percent of the cost of the product. A loaf of bread: 30 to 40 percent embedded taxes. We take that out in that first 9," explains Cain.

Texas Governor Rick Perry, on Fox News Sunday, explained his 20-percent flat tax plan.

"Literally taking that 20-percent flat tax, deducting the mortgage, deducting charitable, 12,500 for each dependent, subtracting it and sending it in. I mean literally on a post card, and it's that simple to put it on that post card right there," says Perry.

And, Michele Bachmann, fourth in the latest Iowa poll, says her campaign is not in trouble. She also favors tax reform.

"I would abolish the United States federal tax code, and in its place, I would flatten the rates and simplify them. I would not have just one rate, but I'd have several rates, which is a flattened, simple, much fairer system," said Bachmann.

Bachmann won the Iowa straw poll in August, but only got eight-percent of likely voters to support her in the latest poll released this weekend. The next Republican debate is November 9.

Meanwhile, Perry says he'll participate in at least five more debates. He also admitted he isn't a strong debater, and said he might skip some of them.