A System on the Verge of Self-Destruction

Within the next ten years the income tax system in the United States will be dismantled. A number of emerging new forces coupled with the universal dislike of the system will soon gain enough of a toehold to cause it to collapse. State income tax systems will be dismantled either shortly thereafter or at the same time. It is a system that has mushroomed out of control, and few will mourn its parting.

The current tax system is deeply entrenched in our society. Many industries rely on tax filings for verification of income, statistical information, and research data. Social security is inextricably linked to income tax and state income tax systems are closely modeled after the national system.

The transition period will be difficult. Many of the people who currently live off of the system will find themselves out of a job, needing to transition to another line of work. And the business world will be forced to rework their ways of doing business.

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