Rick Perry just unveiled details of his big plan "Cut, Balance, and Grow" plan in a new WSJ editorial. Here are the highlights:

• People can choose between 20% flat rate or their current rate
• Flat tax of 20% preserves mortgage interest/charitable/state and local exemptions for families earning less than $500,000
• Increases standard deduction to $12,500 for individuals and dependents
• Abolishes "death tax"
• Lowers corporate rate to 20%
• Temporarily lowers it to 5.25% for repatriation
• Transition to territorial tax system — only taxes in-country income
• Eliminates tax on Social Security benefits
• Eliminates tax on dividends and long-term capital gains
• Balances budget by 2020
• Caps fed spending at 18% of GDP
• Freezes hiring and salaries in civilian fed gov jobs until budget is balanced
• Younger workers can opt out of Social Security

What do you think of his proposal?

When mega-church Pastor John Hagee appeared at Rick Perry's prayer rally in Houston this summer, Lawrence quoted some of Hagee's past comments that could cause political trouble for the Texas governor.

Those past statements included some that have been viewed as anti-Catholic and anti-semitic.  Hagee later reconciled with both the Catholic League and the Anti-Defamation League.  Not everyone represented in those communities, however, have forgotten his words and forgiven him.
 
Our segment did not sit well with Hagee or his team. After the August 5 segment, they wrote letters of protest to MSNBC.

We invited Hagee to appear on the show to clarify any of his past statements. So far, he’s refused. We also extended an invite to his spokesman, but he too, declined.

As regular viewers of this show know, religion is right up there with tax policy as one of Lawrence's favorite subjects. The invitation to discuss religion with Pastor Hagee remains an open one.

MSNBC

Republicans have a new frontrunner in the presidential race.

A newly released NBC News/Wall Street Journal poll now shows former pizza CEO Herman Cain in the lead with 27 percent of the GOP vote. Willard M. Romney slid down to second place at 23 percent. Rick Perry – who was the frontrunner not so long ago — got bumped back to third place with 16 percent. Ron Paul and Newt Gingrich rounded out the top five. Michele Bachmann…not so much.

This is a dramatic turn of events as just last month, Cain tied for fifth with five percent. Perry claimed the top spot with 38 percent and Mitt Romney was in the same second spot with an unchanged 23 percent.

When you throw President Obama into the mix, Romney does a bit better. In a match-up, the new numbers suggest Obama would beat Romney, 46-44. Up against Cain, Obama's lead would grow to 49-38.

Texas Governor Rick Perry admitted debates aren't his "strong suit." Let's say he's no Revolutionary War buff either.

The presidential candidate headed over to the Beta Theta Pi fraternity house at Dartmouth after last night's GOP debate for a press conference. (Keg stand!!!) When discussing the founding fathers — because that's what you do at a frat party, duh — he told a mix of reporters and students the Revolutionary War occurred in the 16th century. You know, just 200 years before the colonists fought for independence from England.

"Our Founding Fathers never meant for Washington, D.C. to be the fount of all wisdom. As a matter of fact they were very much afraid of that because they’d just had this experience with this far-away government that had centralized thought process and planning and what have you, and then it was actually the reason that we fought the revolution in the 16th century was to get away from that kind of onerous crown if you will."

You can see the eye-rolls and squirming around the room after his mix-up.

This gaffe blew up Twitter, with users tagging #PerryHistory to their tweets. And they were not kind to the Texan.

He's not the only Republican to gloss over the historical record this past year. Fellow candidate Michele Bachmann mixed up her states, touting New Hampshire as the location of the "shot that was heard round the world." Sarah Palin fumbled her account of Paul Revere's midnight ride, saying he was warning the British and he, like, rang some bells and yelled some stuff about not taking guns away.

Rick Perry may be taking a break from the campaign trail today, but he's getting his message out loud and clear in a new web video.

Released ahead of tomorrow night's Republican presidential debate in New Hampshire, the ad slams rival Willard M. Romney over "Romneycare" and his frequent flip-flopping — a line of attack spearheaded by Tim Pawlenty.

A piece of trail trivia: You might recognize that slick cinematic-style from the now defunct T-Paw campaign. That's because Perry's team snatched up the same filmmaker guy.

The lush visuals carry over to this ad, titled "Romney’s Remedy." Just to give you an idea, Romney's face shape-shifts into Obama's face! That particular Photoshop job may also break rules over usage of an official White House photo... Conceptually, the ad takes on the healthcare mandate for Massachusetts Romney created while serving as governor — a very serious weak-spot for Romney's campaign.

As Romney knows all too well, it puts him in an awkward position to get the nom, especially after Obama said he based his healthcare plan off Romney's and the Republican party is actively trying to overturn that law.

The ad says, "Even the richest man can't buy back his past."

According to TPM, Gail Gitcho, Romney's communications director, said in a statement "Rick Perry is a desperate candidate who will say and do anything to prop up his sinking campaign. In trying to deflect attention from his liberal in-state tuition policy for illegal immigrants, he has resorted to repeated dishonesty, distortions, and fabrications about Mitt Romney."

Perry's poll numbers have sharply fallen in the past few weeks, so campaign is working on a rebound.

Jeff Zelevansky/Getty Images

New Jersey Governor Chris Christie announcing his decision to forgo a 2012 run at a press conference in Trenton, New Jersey on Tuesday.

Willard M. Romney should consider himself one lucky dude today. His chances of nabbing the Republican nomination are looking that much brighter now that Chris Christie bowed out of a 2012 run.

The New Jersey governor announced he won't run for president, to the dismay of many Republicans just not that into the current field.

"For months, I've been adamant about the fact that I would not run for president," he said. "For me, the answer was never anything but 'no.'"

Christie flirted with a 2012 run after mounting calls for him to jump into the race, but ultimately decided to stick with his day job.

"In the end, what I've always felt was the right decision remains the right decision today: now is not my time. I have a commitment to New Jersey that I simply will not abandon," Christie said today in a press conference. "So, New Jersey, whether you like it or not, you're stuck with me."

Republicans across the country are now stuck with the weak field of candidates. A new Washington Post-ABC News puts Willard in the lead with 25 percent of the vote. Rick Perry's sliding down in numbers — he's now tied with Herman Cain in second place with 16 percent of the vote. The same poll shows Obama beating Romney 47 to 46 percent.

Check out video of Christie's entire statement below.

MSNBC

Just a guy with an ax to grind.

While prepping for tonight's show, Last Word associate producer Casey Dolan came across this image of Rick Perry while scrolling through tape. The Texas governor appears to be carrying an over-sized ax that reads, "Cut taxes, cut spending, cut the government." I sincerely hope he drags this Paul Bunyan prop on stage during the next Republican debate.

This is straight out of the Ronald Reagan playbook. President Reagan made a splash with his own tax ax around 1986, wielding it at events.

Rick Perry and Mitt Romney sparred about Social Security, health care and what is and is not in their respective books. And who could forget that jaw-dropping moment when the crowd booed a gay soldier.

MSNBC's Lawrence O'Donnell discussed the winners and losers with MSNBC's Chris Hayes and Howard Fineman and Sam Stein, both of The Huffington Post. To them, Rick Perry's frontrunner position is in major jeopardy after a weak performance.

What's your take on the current maneuvering of this crop of contenders? Make sure to drop us a line or two in the comment section below.

Rick Perry released new ad, touting high unemployment numbers and increased poverty rates under the Obama administration. It plays up that theme by showing barren city streets and boarded up buildings. Then, cut to a sunnier 2012, it shows Perry stepping in to save the day because "a renewed nation needs a new president."

While it still doesn't top The Muppets "Pig With The Froggy Tattoo Teaser Trailer" — a current favorite YouTube clip among The Last Word staffers — the Perry video rivals some of the best ads we've seen since the campaign days of T-Paw.

And around the 25-second mark you may notice a familiar face. Alex Wagner, Huffington Post reporter and frequent guest here on The Last Word makes a cameo.

In the Rewrite, MSNBC's Lawrence O'Donnell reveals some hidden factors the Republican presidential candidates are trying to hide from voters.

In a setting not far off from Between Two Ferns, Michele Bachmann condemned "Perrycare." In the low-fi web video, the Republican presidential hopeful attacks Governor Rick Perry's "crony capitalism" over his executive order mandating the HPV vaccine for girls in Texas.  

Earlier in the week, it seemed as though her tactic was to scare the parents of every little girl in this country in hopes of catching up with the GOP front-runner. Leading pediatric, bioethical and medical groups have come out to refute the notion that the HPV vaccine causes, in her words, "mental retardation." These controversial comments majorly backfired, and now she's been forced to defend her claims.