9% flat income tax. No deductions. No exemptions. 9% from the first dollar. IRS can be reduced to a few dozen employees or eliminated. Many lawyers would have to find honest work or cease eating. Resources would be released for further non IRS related waste fraud and abuse purposes. Government, alas, would see revenues increase steadily.
I am in favor of a FLAT tax from an economic perspective. No doubt your plan would be a tremendous economic stimulus. However, from a liberty perspective I have to go with the FAIR tax. See my post #44 second paragraph for one reason why we should repeal the 16th amendment and have a FAIR tax.
Define income. Therein lies the rub.