WASHINGTON (AP) -- Republican presidential hopeful Fred Thompson proposed an income tax plan Sunday that would allow Americans to choose a simplified system with only two rates: 10 percent and 25 percent.

Key aspects of Thompson's tax proposal:

--The choice of filing under the current system or a flat tax rate of 10 percent for joint filers with an income of up to $100,000 -- $50,000 for single taxpayers; and 25 percent on income above these amounts.

The standard deduction would be more than doubled to $25,000 for joint filers and $12,500 for singles. The personal exemption would be increased to $3,500. A family of four would be exempt from income tax on the first $39,000. The simplified code would contain no other tax credits or deductions, and retain the 15 percent tax rate on capital gains and dividends.