Wednesday, August 29, 2012
A nice summary from Keith Hennessey:
Over the past 50 years federal taxes have averaged 18% of GDP.
Governor Romney proposes taxes “between 18 and 19 percent” of GDP.
The House-passed (“Ryan”) budget proposes long-term taxes of 19% of GDP.
President Obama’s budget proposes long-term taxes at 20% of GDP.
The Bowles-Simpson plan proposes long-term taxes at 21% of GDP.