According to Washington Post columnist Ezra Klein on Up with Chris Hayes moments ago the Bush tax cuts of a decade ago amounted to 1% of GDP. When those tax cuts were passed the federal government was running a surplus.

The current tax cut plan being proposed by Mitt Romney actually amounts to 3.3% of GDP and at the same time it actually lets current tax cuts for lower income Americans expire. It's estimated that Romney's own taxes would probably be cut in half if his own plan were passed. Given the push by Republicans to cut the deficit such an enormous tax cut would mean even more cuts in spending. Given that congress can't even agree on the cuts they mandated in last summer's bill that raised the borrowing limit, this is just completely unworkable.
#taxes #indecision2012

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Up with Chris Hayes
Up with Chris Hayes

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