Gingrich keeps swinging ahead of S.C. primary

Republican presidential candidate, former House Speaker Newt Gingrich greets supporters following a campaign town hall meeting at the Art Trail Gallery, Jan. 17, 2012, in Florence, S.C.
AP Photo/David Goldman

Republican frontrunner Mitt Romney admitted Tuesday to paying a relatively low tax rate and former House Speaker Newt Gingrich wasted no time jumping on the issue to reinforce the idea that his rival is out of touch with average Americans.

After being pressed to release his tax returns, Romney acknowledged that his effective rate is "probably closer to the 15 percent rate than anything," since most of his income is investment-generated.

Feeling bullish off a strong debate performance Monday, Gingrich pounced.

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"I think we ought to rename our flat tax. We have a 15 percent flat tax so this would be the Mitt Romney flat tax that all Americans could then pay the rate that Mitt Romney paid," he told reporters Tuesday.

Romney wasn't Gingrich's only target. After months of conservative anguish about how to stop the GOP frontrunner, Gingrich put forward a possible solution: the other candidates should quit and back him.

"Consolidating into a Gingrich candidacy would in fact virtually guarantee victory on Saturday. ... I'd be delighted if either Perry or Santorum want to do that. They have to make that decision."

Watch Jan Crawford's full report above.

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    Jan Crawford is CBS News Chief Political and Legal Correspondent. She is from "Crossroads," Alabama.