Interesting article in U.S. News & World Report:  What (Fred) Thompsonomics Might Look Like, by James Pethokoukis:

For now with Thompson, analysts are left to examine his growing campaign team for clues as to what his policy agenda will be. So what does the likely addition of former Bush economic adviser Lawrence Lindsey reveal about the nature of Thompsonomics? Lindsey, also a former Harvard prof and Federal Reserve governor, became a hero of supply-side economics proponents after he wrote the 1990 book The Growth Experiment, a detailed treatment of the Reagan tax cuts. Lindsey went into the project as a skeptic but came out as a believer.

Yet Lindsey lost some credibility among economic conservatives during his role as a public advocate of the 2001 Bush tax cuts. While certainly better than a tax increase in the eyes of this crowd, that tax plan was seen as more of a political tool than a reflection of smart economics. Not only did it fail to cut taxes on investments (a defect remedied by the 2003 tax cuts) but it phased in the marginal rate cuts. …

Now, I don’t know what sort of tax plan Lindsey will help devise for Thompson, but he does outline a number of ideas in his book. Taken together, it seems clear that Lindsey views the tax code as a way of promoting economic growth and dealing with social problems: "Our tax system should do more than foster growth. It should help us provide for those who cannot provide for themselves." Among the features of his "tax code for the future" are the following:

• A 19% flat tax on all earned income including capital gains.
• Increasing the personal exemption and expanding the child-care credits.
• Indexing all capital gains and interest income for inflation.
• Taxing corporate cash flow rather than profits and allowing the immediate expensing of all business investment.
• Limiting the deduction for mortgage interest.

Will the Thompson plan resemble the Lindsey plan? Even Fred probably doesn’t know yet.

Greg Mankiw has more here.