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Rudy Giuliani to Unveil ‘Largest Tax Cut’ in American History (12:32 p.m. ET)

Rudy Giuliani is set to unveil a new tax plan Wednesday afternoon that the campaign is touting as the “largest tax cut in the history of America.”

The Republican presidential candidate is trying to raise his profile after placing fourth in the New Hampshire primary Tuesday and nearly finishing last in the Iowa caucuses last week. The former New York mayor has lost his lead in recent national polls, and is banking his campaign on its performance in states like Florida, which holds its primary Jan. 29, and the Feb. 5 primary states.

Fittingly, Giuliani plans to deliver his tax plan announcement in Melbourne, Fla.

Details of the plan are still emerging, but the campaign says it will include a $3,500-per-person deduction, and deductions for health care, home mortgage payments, charity contributions, and local and state taxes, as well as a $1,000-per-child tax credit.

Then a 10 percent tax would be assessed on the first $40,000 earned, 15 percent on $40,000 to $150,000 earned and 30 percent on $150,000 earned and above.

It also would include a one-page “fast form” that is supposed to simplify the tax process.

The campaign said Giuliani will be joined by Steve Forbes and released a statement saying: “Considering the Democratic candidates for President haven’t been shy about their commitment to raise taxes, the American people can’t afford not to have Mayor Giuliani in the White House. Bottom line — there is no other candidate, Republican or Democrat, for President that has a better record of cutting taxes and has a better plan for putting more money back into the hands of the American people.”