On "Cashin' In" today, Eric Bolling spoke to Sen. Rand Paul (R-KY) about the 2016 presidential hopeful's "fair and flat" tax plan.

Paul asserted that our tax code has been chasing companies and jobs overseas for years, so he decided to come up with a plan that throws out the entire tax code and starts from scratch.

Paul's proposal calls for a 14.5 percent flat tax for all individuals and businesses.

"Under our system, everybody would pay. Everybody would pay 14.5 percent," Paul explained, adding that he would get rid of the payroll tax, something that has never been attempted before.

"This will be a tax code - or a tax cut - for the working class," Paul said, revealing that the plan will fully fund social security and Medicare out of the business tax.

The GOP presidential hopeful said this would be the largest tax cut in U.S. history, which would be beneficial to the economy and job creation by keeping trillions of dollars in the private sector.

Paul said he is unwilling to grow the deficit, so his plan would result in cuts in government spending, which he said he's willing to do.

Watch the full "Cashin' In" interview above to hear more from Paul, including his thoughts on the 2016 presidential race, Common Core and Hillary Clinton.

Paul on NSA: 'I May Be the Most Unpopular Person in Washington Right Now'

Paul: It Was 'Hyperbole' to Say My Opponents Want a Terror Attack

Paul on Patriot Act Filibuster: 'The Revolution Was Fought Over This'

Rand Paul: 'The Invasion of Iraq Was a Mistake'