If there’s one thing that’s united Republicans since the Reagan era, it’s enthusiasm for tax cuts. But these days one gets the unmistakable impression that the Laffer curve dream has died. For one thing, the Trump administration has reportedly abandoned the ludicrously large tax cut the president campaigned on last year. And in an interview with the Financial Times, U.S. Treasury Secretary Steve Mnuchin has acknowledged the obvious, namely that it is vanishingly unlikely that Republicans in Congress will pass major tax reform legislation by August. There will be no big tax cut in Donald Trump’s first 100 days. There probably won’t be one in the first 1,000 days either.