Forbes endorses Perry for president (VIDEO)

Magazine publisher, businessman and two-time presidential candidate Steve Forbes has endorsed Texas Gov. Rick Perry for president, Fox News reports.

Forbes advised Perry on a flat-tax proposal that he is expected to unveil on Tuesday, the New York Times reports.

Forbes, who argued for a flat tax during each of his own presidential campaigns, said that’s a major reason Perry has his backing, Fox News reports.

"People love the idea of radical simplicity of this horrific tax code," Forbes said. "I think what Rick Perry's going to unveil on Tuesday is going to be very exciting – very low rate, generous exemptions for adults and for children, making it worthwhile to invest in America again."

"It's a capital creator, and job creator, which is why I'm backing Perry for president," Forbes added. "He had a very good record in Texas, and I think this tops it off."

According to the Hill:

Perry's call for a flat tax comes on the heels of rival Herman Cain's rise in the polls, where he has usurped the front-runner status Perry nabbed after entering the race in August. Cain has made his 9-9-9 plan for flat income, sales and corporate tax rates his singular buzzword for the 2012 campaign.

Newt Gingrich suggested an "optional" flat tax plan Monday in an op-ed for the Quad-City Times, CBS News reports.

In 1996, former Massachusetts Governor Mitt Romney took out newspaper ads to protest the Forbes tax plan, calling it a “tax cut for fat cats,” the New York Times reports. More recently, Romney has stated he prefers tax breaks for the middle class, according to the New York Times.