With the White House fiscal commission Co-Chair's proposal out in public, it's time to continue looking at the specifics of the plan. For this blog, we will look at the tax proposals.
Right now, revenue sits at an unusually low 14.6 percent of GDP due to the effects of the recession. Under the tax proposals, revenue would rise to 19.3 percent by 2015, 20.5 percent by 2020, and 21 percent by 2030. Revenue is capped at 21 percent so it does not go higher than that. Over the next decade, the proposal would increase revenue by about $1 trillion.