Ross D. Franklin, Associated Press
WASHINGTON — A nonpartisan study says big tax cuts proposed by GOP presidential candidates Newt Gingrich and Rick Santorum would explode the budget deficit while Mitt Romney's budget plan could produce deficits in line with current projections.
The Committee for a Responsible Federal Budget also estimates that wrenching budget cuts proposed by Ron Paul would lessen the flow of red ink compared with current policies but still leave the government running a sizable deficit.
The GOP candidates all propose sharply cutting or eliminating taxes on investments and capital gains. Each candidate would eliminate inheritance taxes on large estates. Tax rates on individuals would be cut as well.
President Barack Obama has proposed higher taxes on the wealthy to try to reduce the deficit.
- The 20 most innovative tech hubs in America...
- 17 years later, parents find kidnapped...
- 34 of the best Lemony Snicket quotes
- Couple married 67 years dies holding hands
- Can you name your U.S. Representative? See...
- Russia's Nemtsov a possible 'sacrificial...
- Venezuela officials detain, free 4 Christian...
- Wisconsin's Walker adjusts to rigor of...
- FCC approves 'net neutrality' rules for... 26
- Congress OKs 1-week bill to keep... 23
- Clinton says she would push... 16
- Democrats caught between Obama,... 16
- Calling for cooperation, Obama engages... 15
- 'Jihadi John' seen in beheading videos... 13
- Leonard Nimoy, famous as Mr. Spock on... 13
- Obama aide calls Netanyahu visit... 12