[ThinkDifferent]

Too many things to go wrong here. It took 90 (more or less) years to get here we have to back out slowly.

I understand your concerns, but I don't think we have time to take this slowly; the GOP isn't going to hold Congress and the White House forever. The income tax is a cancer on the US economy. It must be destroyed as soon as possible, even if the therapy hurts a bit in the short term.

[Dems_R_Losers]

The one downside is that eliminating the income tax will immediately devalue all residential real estate by about 20 percent. That's fine if your loan to value ratio is below 80 percent, but lots of people would end up with mortgages for more than their houses are worth. Of course, we have survived a bigger adjustment to investment portfolios in the last year, so we would survive an adjustment in real estate too. But the real estate lobby will scream bloody murder.