Detailed text transcripts for TV channel - MSNBC - 20120214:02:03:00
Percentage of gross domestic product, a percentage of the size of the economy. if your economy produces ten bucks worth of stuff and tax five dollars, taxes are 50% of gdp. in 2011, tax revenues were 15.4% of gdp. to give you an idea how low it is before the financial crisis you had to go back to 1950 to find a year when taxes were that low. in 1950, there was no medicare, there was no medicaid, there wasn't a hawaii as one of the 50 states of the united states. for comparison sake, taxes under reagan were 18.2% of gdp. think about that next time obama is taxing the economy to death. taxes und...
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