The centre for American Progress Action Fund recently compared Mitt Romney’s plan for federal taxation to that of former President George W. Bush.
The progressive think tank found that the average annual tax revenue as a share of gross domestic product under Romney would be 16.5 per cent.
Under George W. Bush it was 17.6 per cent, which was the lowest it had been under any president since Harry Truman.
Beyond permanently extending all of the Bush tax cuts, President Romney would add several 1 per cent-friendly cuts, including a full repeal of the estate tax — currently paid by only the richest 0.14 per cent of estates — and a huge corporate tax cut.
Sources: Urban-Brookings Tax Policy centre, Office of Management and Budget and author’s calculations based on Tax Policy centre and Congressional Budget Office
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