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.