Abolish the IRS? Not likely, analysts say

08/12/2004 | CNNMoney

President George W. Bush last week discussed the notion of dismantling the federal income tax and replacing it with a national sales tax. Analysts contend the idea would lead to a host of problems, not least of which would be a regressive tax system, as those at lower incomes typically spend all of their income, whereas those at higher income levels do not spend as high a percentage of their household income.

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