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AMES, Iowa — Michele Bachmann, the first woman to win the Iowa straw poll, is now the official front-runner in Iowa, but Texas Gov. Rick Perry's entrance into the race leaves her little time to savor the victory.

The Minnesota congresswoman's win Saturday, buoyed by a feisty tea party presence, recasts the image that dogged her just a few months ago that she's too out of the mainstream, but doesn't guarantee she will do well in coming months in Iowa or other early voting states.

http://www.theleafchronicle.com/article/20110814/NEWS01/108140326/Bachmann-w...xt%7CFRONTPAGE

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Republican presidential candidate Michele Bachmann told the Wall Street Journal's Stephen Moore in June that if elected she would abolish the capital gains tax, which Buffett said should be increased, and amend the tax code so every American pays income tax.

By eliminating the capital gains tax, which is currently 15 percent, the Tax Policy Center estimates that about 23,000 millionaires would no longer have to pay income tax because their only income comes from capital gains. This move would add $11 billion to the federal deficit, according to Forbes.


Billionaire Warren Buffett Tells Congress To Raise Taxes On Wealthy - ABC News


"In my perfect world, we'd take the 35 percent corporate tax rate down to nine so that we're the most competitive in the industrialized world. Zero out capital gains. Zero out the alternative minimum tax. Zero out the death tax," Bachmann, R-Minn., told the Wall Street Journal's Stephen Moore in June.

The Tax Policy Center estimated that eliminating just the capital gains tax would allow 23,000 more millionaires to skip out on paying income tax.


Former Minnesota Gov. Tim Pawlenty, who is also running for president, took it a step farther, suggesting in a June speech at the University of Chicago that not only should capital gains taxes and the "death tax" be eliminated, but interest income taxes and dividends taxes should be cut as well.

Those cuts, he said, would help simplify the "9,000-page monstrosity" that is the U.S. tax code. It would also enable the government to create just three tax brackets, instead of the current six, and reduce overall rates, he said.

According the Tax Policy Center , Pawlenty's proposal to eliminate those taxes on investment income would allow about 50,000 more millionaires to avoid paying any income tax.

http://abcnews.go.com/Politics/1500-millionaires-pay-income-tax/story?id=14242254&page=2