(CNN) - One of the top Republicans in the House wants to overhaul the country's tax code and implement a flat tax.
Rep. Mike Pence of Indiana, who may make a bid for the next GOP presidential nomination, will say "the time has come for Congress and this administration to take bold action to simplify our tax system and lower people's taxes," according to excerpts from a speech he will deliver in front of the Detroit Economic Club Monday afternoon.
"The best option, the most pro-growth option is a flat tax. I believe it is time that America adopted a flat tax and scrapped the current system once and for all," Pence will say.
A flat tax, which has been proposed in the past by other conservative candidates for president, is short for a flat rate tax, a tax system with a constant rate for all Americans.
In his speech, Pence also highlights his opposition to TARP, known more commonly as the Wall Street bailout, and his support for less federal government spending and fewer regulations on the private sector.
"To restore incentive and encourage growth we must reduce the regulatory burden on our economy. There is a place for regulations that ensure safety and soundness and protect people from danger, but our regulatory structure has grown out of control," Pence will say.
In touting his free-market principles, Pence mentions the late President Ronald Reagan multiple times in his address.
The GOP congressman from Indiana's 6th Congressional District easily won re-election earlier this month, beating his Democratic challenger by a more than a two to one margin. The third ranking House Republican then announced that he would step down at the end of the year from his leadership role as Republican Conference Chairman, sparking more speculation that Pence might gear up for a 2012 bid for the GOP presidential nomination or a run for Indiana governor.
While Pence polls in the low single digits in most national surveys on a hypothetical 2012 GOP nomination match-up, he did create a lot of buzz by winning the presidential straw poll at the Values Voter Summit in September.
Read excerpts here.
Follow Paul Steinhauser on Twitter: @PsteinhauserCNN