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Wednesday, August 29, 2012

A Tax Level Cheat Sheet

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.
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