Interesting editorial in today’s Wall Street Journal:  Counting Capital Gains:

Republicans haven’t had any luck making the Bush tax cuts of 2003 permanent, and next year’s prospects don’t look promising. So now is a good time to consider some alternative tax-cutting strategies that might be more achievable.

One useful idea comes courtesy of House Republicans Mike Pence and Eric Cantor, who recently introduced a bill to index capital gains for inflation. Income tax brackets have been adjusted for the cost of living ever since the Reagan tax cuts of 1981 — a historic pro-growth victory. But capital gains continue to suffer from an inflation tax, which yields a windfall profit for the government but reduces the value of holding long-term capital assets.

Update:  The Tax Policy Blog has more here.