Whoa, pardner! Don't expect this until the SECOND Bush term.
Reading between the lines of Daniel's comments, and factoring in the new Pubbies-are-now-responsible-for-everything political environment, this risky move cannot be made until the Pubbies win again in 2004 (which we will, of course), but ultimately, it's clear the Bush team is for it.
If Bush does this now, it will INSURE a second term and an even greater majority in congress.
The possibility that is flashing before my eyes is him doing with this the same treatment he gave to the Iraq issue. Bring it up. Get the dialog going. Wait for the Democrats to basically dare him to make his case; then make the case. Watch the Dems go apoplectic, with some choosing the class warfare route and some trying to play Mini-me to him. Milk it right through the 2004 election- and then when voters take out the Democrats obstructing real tax reform and reward him with even bigger margins in both chambers, just do it.
I still bet it is just idle chatter, but the template has been created.