We must create an economy where individuals are not taxed, and those who wish to access our markets pay for the privilege. This should immediately create investment in American industry.
We must also stop taxing American businesses who produce goods in the US.
With the level of imports we currently have, it is completely possible to achieve higher levels of Federal revenue through Excise Tax charged directly to foreign exporters than we currently collect from traditional taxes.
The increase in capital expenditure in the US will skyrocket.
Yes, imported goods will temporarily increase costs but without the income tax everyone will effectively gain 30% in wages. With tax on businesses done away with, wages will increase and prices of goods will fall - increasing exports.