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.