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[Michele Bachmann DROPPED OUT] Opposes increasing income taxes. Would eliminate the estate tax. Proposes that U.S. companies operating overseas be offered a tax holiday to repatriate their profits, then be taxed at just 5 percent. Opposed deal to raise debt ceiling. Favors cutting Medicare and Medicaid spending. Opposes changing Social Security for current beneficiaries but would "wean everybody else off" by offering them private accounts. [Newt Gingrich] Favors ending capital gains and estate taxes, cutting corporate tax rate to 12.5 percent. On personal income taxes: opposes increasing rates; would let people choose whether to file under the current system or pay a 15 percent flat tax. Says U.S. had no choice but to raise debt ceiling. Would cut Medicaid spending by converting to block grants for states. Would reduce Medicare spending by offering private alternatives. Favors private accounts as Social Security option for younger workers. [Ron Paul] Not only opposes increasing income taxes but favors abolishing them and the IRS. Favors a national sales tax, certain excise taxes and certain tariffs. Would drastically shrink federal government by nearly halving its spending and abolishing five Cabinet-level agencies (Commerce, Education, Energy, Interior, and Housing and Urban Development). Would eliminate the Federal Reserve and put the dollar back on a gold standard. Would reduce spending on Medicaid, Medicare and Social Security. [Rick Perry DROPPED OUT] Opposes raising income tax rates. Wants to let taxpayers choose between current income tax system and a 20 percent flat tax. The latter would end taxes on inheritances, dividends and long-term capital gains. Also favors cutting corporate tax rate to 20 percent. Wants to cap federal spending at 18 percent of gross domestic product, but no specifics on major spending cuts. To save money, would raise retirement age for Social Security and consider partial privatization of it and would hand more Medicaid and Medicare responsibility to the states. [Mitt Romney] Wants Bush tax cuts permanent, favors exempting households with income under $200,000 from taxes on interest, dividends and capital gains. Would cut corporate tax rate to 25 percent, eliminate estate tax. Opposed debt ceiling deal. Would cap federal spending at 20 percent of gross domestic product. Says spending on Medicare, Medicaid and Social Security must be cut, in part by handing Medicaid to the states and by partly privatizing Medicare and Social Security. Also proposes 10% cut in federal workforce. [Rick Santorum DROPPED OUT] Proposes zero corporate tax for manufacturers. Opposes any national sales tax or increase in personal income tax rates. Favors cutting spending on Medicaid and Medicare, has backed plans to convert Medicaid into block grants for states and convert Medicare into a fixed subsidy to help seniors buy private insurance. Favors allowing the option of private accounts in Social Security. [0] 
Taxes and spending
2012 Republican presidential candidate bios - Omaha.com interactive documents
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