- - Monday, December 12, 2011

TAXES

Study: Gingrich plan would worsen deficit

A new independent study says the tax plan by GOP presidential hopeful Newt Gingrich would provide big tax breaks to the rich and blow a huge hole in the federal budget deficit.

The analysis by the Tax Policy Center says households making more than $1 million a year would see their taxes drop by an average of 62 percent. The study says federal tax revenues would drop by an estimated $850 billion in 2015 and worsen the budget deficit unless it is offset by unprecedented spending cuts.

Under Mr. Gingrich’s plan, taxpayers could stay in the current system or switch to a 15 percent flat tax on income. Mr. Gingrich also wants to eliminate taxes on capital gains, dividends and interest.

MINNESOTA

Bachmann plans push through Iowa’s 99 counties

ST. PAUL — Each of Iowa’s 99 counties is likely to hear from Republican presidential hopeful Michele Bachmann by the end of December.

Mrs. Bachmann’s campaign said Monday that she plans to spend 10 days crisscrossing the state and will begin Friday in northwest Iowa. With a break for Christmas, Mrs. Bachmann’s bus tour is expected to stop in every Iowa county by Dec. 28.

The Minnesota congresswoman is hoping to pull off a surprise win in the first caucus state.

Mrs. Bachmann won a nonbinding Iowa GOP straw poll in August, but her standing has slipped since then. Polls show former House Speaker Newt Gingrich leading his rivals in the state.

Iowa opens the GOP nominating push with its precinct caucuses in about three weeks, on Jan. 3.

Rick Santorum’s presidential campaign blasted out a fundraising email Monday that assures potential donors that the former Pennsylvania senator “isn’t liberal with his money like Mitt Romney.”

IOWA

Perry going for broke with three weeks to go

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