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The U.S. economy in 2010 was $14.66 trillion, which means one percent of GDP is equal to $146 billion. So, if federal taxes were anywhere near the normal rate of recent history-say 18.2 percent of GDP as they were as recently as 2006-the deficit would be about $482 billion smaller than it is today. I couldn't believe these numbers. Can you? Source: Daniel Gross economics editor at Yahoo.com