Keith Hennessey gives us a handy guide to the tax debate.
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.
As Keith goes on to say, although 1% doesn’t sound like a big difference, when you’re talking trillions, it’s huge.