The good folks at the Heritage Foundation alert me to a House bill proposed by Republicans Jim Jordan and Jason Chaffetz: Here is what H.R. 5209 would do: 1) Eliminate the tax on capital gains; 2) Reduce corporate income tax to 12.5 percent; 3) Kill the death tax; 4) Immediate expensing of business expenses; 5) Reduce payroll tax by half for 2010.

Me: The payroll tax cut would be a huge revenue loser, as would the death tax. But the rest seem smartly targeted for economic growth. Given the budget deficit, tax-cutters need to be really smart and pick reductions that optimize economic growth.