Tinkering with the income tax has been the game the politicians have played for almost a hundred years now.
It's a shell game. It's not the solution. The income tax, any income tax, is fundamentally flawed from its inception.
It's one of the planks of the communist manifesto.
Direct taxation is contrary to freedom. Always has been, always will be.
Taxes suppress activity. Tax income and you suppress the reporting of and creating of income. Tax consumption and you will get less consumption. I don't see how this is going to stimulate the economy. This idea is at least 50 years old in the US but there are virtually as many problems trying to implement this as there are implementing the existing system. Rich people will learn to game the new system just like they do now. And there is no way you get Democrats to go along with NOT taxing the rich so its a moo point (you know, what a cow thinks...)
Do you really believe that the 'FairTax' won't be tinkered with?