I think it's ridiculous.
On one end, it rewards people for not spending money, which does nothing but slow down the economy. It's not unlike the terrible VAT in the EU, which helps businesses and is mostly paid by poor and middle class people.
It also lowers the effective tax for higher incomes.
Look at it this way: If the only thing you change is the tax system, and don't want to change anything else, the government will want to collect pretty much the same amount of money. Therefore, some people will pay more than they do now, some will pay less. How are the ones that will pay more going to love this new system? They won't.
There's also the part about not creating a ruling class which an income that dwarfs their expenses, so they are barely taxed, and can safely continue owning a larger percentage of the country, and pass it on to their kids. But Republicans don't care about that.
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