Imagine 4.9 million new jobs. Imagine, instead of President Obama’s income stagnation, average wages rising 12.2% over the next decade. Capital investment rising 43.9%. And Americans at every level of the economy enjoying double-digit increases in after-tax income.

Imagine exports and manufacturing jobs booming. The trade deficit falling as the tax bias against American-made goods is eliminated. Imagine a 10% income tax. Every American filing his or her taxes on a postcard or an iPhone app. And abolishing the IRS as we know...