How To Engineer A Trump Boom

With Republican efforts to replace ObamaCare in tatters, President Trump now says that he should have started with tax reform. Better late than never. With the right mix of policy to stimulate the economy, the Trump administration could realistically generate 3% to 4% growth in gross domestic product.

Any package proposed by Mr. Trump will probably cut corporate tax rates, reduce individual marginal rates, and broaden the tax base. This could be the biggest overhaul to the tax system since the Reagan reforms of 1986, which lowered households’ average marginal income-tax rates by 2 percentage points each in 1987 and 1988.