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I'm not educated enough with tax laws and economics to foresee the ramifications of such a plan and its potential consequences (both positive and negative). But it seems like a good idea, and certainly worthy of discussion.

What this would mean to the people would be no more special interest exemptions, tax loopholes, or deductions and the lobbyists who peddle them.
Every American is treated the same. In short no more IRS, complex tax code, or preparing and filing of individual tax forms. Also no more federal withholding or payroll tax deductions taken out of your check, investments or on your estate at your death.
You would only have to pay taxes on what you bought.
Just as you do now, you only pay for what you buy.