Or, at least, I agree with the speculation and general concept. According to the article about Bush signing the new tax cut bill,
Eventually, Bush could create a flat-tax system, under which savings and investment would be tax-free, said Stephen Moore, president of the Club for Growth, a political action committee. “We’re crossing this river in five or six jumps rather than one huge leap,” he said.
See, here’s the deal: I am very much in favor of a greatly simplified tax plan (like the Fair Tax). I also agree that it would likely take a few steps to get there. However, I don’t think that running the government into deficits again is the way to do it. Bush is claiming that reducing taxes like this will spur growth, making up for the shortfall caused by the tax cut. But, what we have to show for Reaganomics at this point is a debt that exceeds $4 trillion.