One of President Donald Trump’s most urgent policy priorities is to cut taxes for businesses and workers. It’s a promise that Republicans must fulfill if they want to restore American prosperity. But the tax plan—which one of us, Moore, helped write—has a $2 trillion to $4 trillion revenue shortfall over the next 10 years. Faster job and GDP growth, both spurred by those tax cuts, will help halve that gap. But where will the rest of the revenue come from to make sure the GOP doesn’t blow an even bigger hole in the budget deficit? That’s an issue Republicans aren’t even close to resolving.
One idea that some in the Trump White House have floated, import tariffs, would be profoundly unwise. But there is another revenue jackpot to be tapped, one right below us—our vast energy resources. Thanks to the technological revolution that has made shale oil and gas a readily available asset, the United States is now sitting atop the biggest trove of recoverable energy of any nation in the world.
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