This is why President Trump and his tax-writing team should include a sizable reduction in the capital gains levy in the bill they're cobbling together with various members of Congress. Such a cut would not only help the economy but also instantly raise more revenue for Uncle Sam. This should appeal to so-called deficit hawks.

Of course, critical to getting out of our fiscal mess is sizable economic growth, and a lower cap gains tax would be very helpful.

Today, that tax is too high. On the federal level, it's 20% plus an additional 3.8% Medicare surtax, for a total of almost 24%. Then there are additional state taxes. Knocking down the rate on the federal level would set a positive example for the states to do the same.

Republican tax writers should emblazon on their minds and ceaselessly remind their colleagues that cutting the capital gains tax immediately means more revenue-not a year or two down the road, but right away. Instantly. It's also bipartisan: When this exaction was reduced in 1997 under Democrat Bill Clinton, tax receipts went up nicely in 1998; when the tax was cut in 2003 under Republican George W. Bush, it resulted in more revenue in 2004.