[PhilWill]

Actually, it wouldn't tank the economy at all, it would stimulate it ... far more than the so-called "Economic Stimulus Package" that passed last year.

One small example .. if cutting taxes by $1.3 Tril over 10 years is stimulative, what would saving $2.5 Tril in compliance costs over the same period do?

And what about improving the price competitiveness of US goods vs our foreign competitors not only here in the US, but in foreign markets as well. Even ex IRS agent could find a job in THAT economy!!

[69ConvertibleFirebird]

I don't doubt that in the long run it would be the best thing. But, totally scrapping the tax code, which everyone who makes any money uses to decide when/how/where to invest, will suddenly put everything on hold and/or move their investments to where the changes won't destroy them. That would definately put the economy in a tail spin until things settled out. Probably five years.

You can't change an entire economy in one day and not expect problems.