I've been chewing on this bit of news for a while, giving it the "48 hour" rule. (Wait 48 hours after the news hits - if it doesn't change, it's probably true). Technically, it's only been 24 hours, but the news doesn't seem to be shifting at all.
I'm still thinking it over. Not in the way of "Gee, is this a good idea", but more in the way of "Once we kill all the IRS employees, what will we do with the building?"
In all seriousness, I can't think of any reason not to abolish the Federal Income Tax. What I'm worried about is that some fucknozzle socialist in Congress will impliment something worse. Look to Europe for examples.
I say scrap the income tax, and institute a flat sales tax on new items. That way, any money put into savings or retirement accounts isn't taxed. Money invested isn't taxed. And when people pay their taxes (when they buy things) they'll be forced to recognise just how much Uncle Sam is taking.
For a more in depth look at things, I give you the one and only Francis Porretto: A New Hope and Counsels of Despair.