The FT doesn't eliminate the income tax. It only hopes the income tax is eliminated and relies on the good will of congress to initiate a repeal of the 16th amendment. It also creates a huge entitlement program, in the guise of their "prebate". Add in the fact that it does nothing to actually reduce spending and income redistribution and it's a recipe for a truly distasteful meal. The 0% income tax is a far better solution. Let government downsize and leave the producers alone.
Agreed on most points. 0% tax is just a likely to happen as unicorn powered electic power generation though.
By the by...mandating states to pay a tribute wasn't a really awesome system either, and would do nothing to curb Federal spending or taxation, because there are no natural limits on it.
My plan... Repeal the 16th amendment. Repeal ALL other Federal taxes, duties, fees, etc, including tariffs.
One national sales tax with one rate for everyone.
End new enrollment in all New Deal and Great Society programs. End all prohibition.
Sit back and bask in the prosperity.