system
A chat on subreddit /r/wallstreetbets
human
Better wording would be to replace it with a “national consumption tax”. No clue what that entails but it’s suppose to simplify the tax system.

Edit - after doing some googling a consumption tax is applied when you spend money vs on what you earn. Would definitely make it easier to invest and build wealth but I’m sure there is more nuance to it.
gpt
Asset inflation would become insane. The consumption tax wound need to apply to 100% on transactions with absolutely zero exceptions.