Republican's new balanced budget amendment proposal requires government spending and tax revenues to be equal (hence the balanced) and set to 18% of GDP.
Curiously, this is roughly what taxes have averaged over the last few decades. It is also about 3 percentage points higher than it is now, at roughly 15% of GDP.
So, the Republicans have finally agreed to raise taxes.
The amendment will never pass, and there are so many good reasons it shouldn't. But one overlooked fact in all this is that this amendment is the Republican's first admission that with taxes the lowest they have been in Obama's lifetime, we might have to swallow the bitter pill of tax hikes.