But the question is will he?

Abusive tax shelters, inflated deductions and other misdeeds cost the U.S. Treasury little when compared with money lost because some employee benefits and wages escape taxation.

The government could collect $164 billion more in tax revenue over the coming decade if it changed laws that exempt some employee benefits from the taxes that pay for Social Security and Medicare, according to a study released Thursday by the congressional Joint Committee on Taxation.

The panel, which provides technical expertise to tax committees, detailed six dozen changes that could increase the amount of money flowing into the U.S. Treasury, including ways to close the gap between taxes owed and taxes collected.

Link.

If Bush truly wants to half the deficit during his term -- something he's pledged to do regardless of the nation's skepticism -- he will need to raise new revenue somewhere. These suggestions are not abrasive and could begin to cut the deficit. Let's hope the President shows some sensibility and acts on this report.