Republican presidential candidates debated their tax-lowering credentials at an event sponsored by CNBC, MSNBC and The Wall Street Journal on Tuesday evening.

Former New York City Mayor Rudolph Giuliani attacked the record of former Massachusetts Governor Mitt Romney. "I cut taxes 23 times when I was mayor of New York City," said Giuliani. "I brought taxes down by 17 percent," he added. "Under him, taxes went up 11 percent per capita. I led. He lagged."

"It's baloney," replied Romney. "Mayor, you've got to check your facts. I did not increase taxes in Massachusetts. I lowered taxes." Romney accused Giuliani of fighting to keep the commuter tax in New York.

Sen. John McCain, R-Ariz., argued for overhauling the Tax Code. "Absolutely we should fix our Tax Code, and we should fix it immediately," he said. "And we should have Congress either vote up or down on a freer, fairer, simpler Tax Code."

Sen. Sam Brownback, R-Kansas, and Rep. Tom Tancredo, R-Colo., pledged not to raise taxes if elected. It was also the first debate for former Tennessee Sen. Fred Thompson, who denounced the high level of corporate taxes.

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