President Obama says we need a “balanced approach” to deficit reduction. We need tax increases and spending cuts. And to reinforce that point, liberals note that the U.S. tax burden is at its lowest levels since just after World War II. From 2009-2012, revenue as a share of GDP has averaged 15.4% of GDP vs. 13.9% from 1948-1951 and 18.1% overall in the postwar era. Clearly there is plenty of room for a big tax hike, right?
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