Every time we've cut capital gains taxes, the stock market has soared, productivity has increased, and tax collections from the rich have risen. The single best way to pump some steroids into the stock market is through an immediate and retroactive capital gains tax cut. Fight the trigger gimmick. Tax cuts shouldn't be dependent on how large the surplus is. Tax cut triggers only undermine the economic incentive effects of tax cuts, by adding uncertainty to the market as to whether the tax cuts will ever materialize.
Tax cuts cause growth.
Growth causes budget surpluses. If there must be a trigger, it should be a spending reduction trigger, not a repeal of the tax cuts. Republicans have allowed the Democrats to outfox them on tax cuts in recent weeks. Because the GOP has been too timid in proposing fast and substantial tax relief now, when it's needed most and desired. It's time for the GOP to up the ante.