Of course it will kill the income tax especially in the US where taxes are crazy and illegal. It could make the end of the US government and the beginning of high unemployment which will be bad for everybody. There will be a lot of chaos I think.
Wtf 
What are you talking about ? The USA know how to use their tax to build and improve the country. Only third world countries do not know how to use it. They uae tax to build social building, operate insurance system and everything is good for the country