The Center for American Progress Action Fund recently compared Mitt Romney’s plan for federal taxation to that of former President George W. Bush.

The progressive think tank found that the average annual tax revenue as a share of gross domestic product under Romney would be 16.5 percent.

Under George W. Bush it was 17.6 percent, which was the lowest it had been under any president since Harry Truman.

Beyond permanently extending all of the Bush tax cuts, President Romney would add several 1 percent-friendly cuts, including a full repeal of the estate tax — currently paid by only the richest 0.14 percent of estates — and a huge corporate tax cut.

In the context of record high U.S. corporate profit margins, one has to ask: wouldn't this tax plan be both unnecessary and completely unsustainable?

Sources: Urban-Brookings Tax Policy Center, Office of Management and Budget and author's calculations based on Tax Policy Center and Congressional Budget Office