re: Repeal the 16th Amendment and abolish income taxes

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Yeah, that wouldn't throw our consumer/retail driven economy into a deep depression at all!

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Quite the opposite.

Price of goods remains the same after Fairtax implementation.

fairtax.org

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A study by the Government Accountability Office estimated that the federal tax system imposed efficiency costs on the U.S. economy of two to five percent of GDP. Under the FairTax, within ten years average Americans will be at least 10 percent and probably 15 percent better off than they would be under the current system. That translates to an increase of $3,000 to $4,500 per household, per year.

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No, it wouldn't actually. The price level of finished goods would remain the same, by eliminating the embedded layers of taxes on intermediate goods in the finished product. Currently, every step of a product has layer of taxes embedded that gets compounded.

Most people misconceive prices would go from 1X to 1.17X but the allocated price of any good would go down correspondingly by the national sales tax rate, with prices remaining constant, e.g. 1X = 0.83X cost + 0.17X sales tax.

There's a much more detailed information on the Fair Tax website: www.fairtax.org

This is a major misconception the government wants you to believe so it can perpetuate the current system.

Edit: Derp, saw the Fair Tax link someone posted already. Clearly most of the people in the thread need to spend some time there before showing their ignorance in the thread.