President Trump’s appointment Wednesday of supply-side economist Larry Kudlow as head of the National Economic Council could change that. There is no more passionate advocate of having the president issue an executive order to index capital gains for inflation. Unlocking frozen assets and stimulating investment, such a move would further turbocharge the U.S. economy.

President Trump clearly wants to cut taxes again. He recently told an audience in the White House Rose Garden that “we’re going to do a phase two” tax cut. White House aides tell me he is considering taking matters into his own hands with a capital gains tax cut that wouldn’t require a tortuous months-long legislative process.

Eliminating the tax on inflationary capital gains makes sense on the grounds of both growth and fairness. Back in the 1980s, President Reagan included in his tax reform the indexing of much of the federal tax code for inflation, so wage earners wouldn’t be automatically bumped into higher tax brackets.