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Politics Today: Romney Avoids Taxes, Santorum's Iowa Victory, Stephen Colbert Rallies For Herman Cain, And More

Tracy Bloom |
January 19, 2012 | 2:21 p.m. PST

Deputy Editor

Wildest Day Of The Campaign So Far?: A headline splashed at the top of Politico's homepage perhaps says it all about the day's political developments: "The campaign's wildest day." As of this afternoon: Rick Perry announced he was suspending his presidential campaign, Newt Gingrich's ex-wife is claiming in an interview to air on ABC News' "Nightline" later tonight that the former House Speaker wanted an "open marriage," a recount in Iowa showed a different victor, and - oh yeah - we still have a political debate scheduled for this evening. Wildest day, indeed!

Santorum Wins Iowa: Good news for Rick Santorum! More than two weeks after the last votes were cast, Santorum has been declared the winner of the Iowa caucuses. According to The Washington Post, the final count showed Santorum defeating Mitt Romney by 34 votes. Romney was declared the winner on election night by a narrow margin of 8 votes. The victory stands despite the fact that Iowa Republican leaders said they had not received results from eight of the 1.774 precincts. Officials have said, however, that is too late for the missing votes to count.

Romney Has Millions In Offshore Tax Haven: Following his admission that he pays at a lower tax rate - around just 15 percent - than most Americans, ABC News is reporting that Mitt Romney has millions of dollars of his personal wealth in the Cayman Islands, the famed Caribbean tax haven. A campaign spokesman said Romney follows all tax laws, and would be paying the same rate regardless of where the money was kept. The Wall Street Journal, however calls the Romney campaign claim either "wrong or misleading." According to the WSJ, having funds in the Cayman Islands can help Romney "avoid paying an obscure but hefty tax."

Tracking Poll Shows Gingrich Leading S.C. Race: A tracking poll taken last night - the first of three to be conducted by Public Policy Polling - shows Newt Gingrich leading Mitt Romney in the South Carolina primary race, 34 to 28 percent. Ron Paul was polling at 15 percent, while 14 percent of those polled support Rick Santorum. Key finding of the poll: "This is not a case of Romney imploding.  His support has been pretty steady in the 28-30% range in our South Carolina polling so far. But Gingrich has risen from 23% to 34% over the last two weeks, benefiting from declining support for Santorum and also from undecided voters moving into his camp."

Colbert Hearts Cain: First, he endorsed Herman Cain in a political ad sponsored by his (former) super PAC. Now, Stephen Colbert is set to appear with Herman Cain at a rally in South Carolina on Friday, the day before the state's primary. The purpose of the “The Rock Me Like a Herman Cain: South Cain-olina Primary Rally”? To announce that he and Cain are "the same man." Colbert, who recently announced (as in, he announced last week) he was running to be the President of the United State of South Carolina, will not be on Saturday's ballot. However, Cain, who suspended his presidential campaign last month, is still on the ballot. Said Cain:" On Stephen Colbert’s endorsement of himself as Herman Cain, I find it very clever and humorous, as it should be. Anyone who finds what Mr. Colbert is doing offensive, should simply lighten up.” Watch Stephen Colbert's endorsement of Herman Cain's ad here:

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