Washington — An independent study says the tax plan by Republican presidential candidate Rick Santorum would cut taxes for most Americans, while adding $900 billion to the budget deficit in a single year.
The study by a Washington think tank, the Tax Policy Center, says 69 percent of households would get tax cuts averaging nearly $7,800.
Most of the tax cuts would go to the wealthiest households. Those making more than $1 million would get tax cuts averaging nearly $442,000. Middle-income households making $50,000 to $75,000 would get tax cuts averaging $2,062.
Santorum's plan would reduce the number of income tax brackets from six to two, lowering the top rate from 35 percent to 28 percent. Santorum would cut the corporate income tax in half, and eliminate it for manufacturers.