Could it be that easy, fundamentally changing the Tax system, and eliminating the reams of paperwork required every year, I suspect you might save a nation of trees, by doing this. Yet, it seems as if the politicians do not want to do anything to change the way things are.
If you think about it I suspect they are quite comfortable with how things are, most of them are rich, in fact millionaires, and even perhaps some that are billionaires and billionaires-es, yet they seem to have this idea that banks are evil, (perhaps they are who knows for sure) but something remains very clear, the way things have been done in the past must change.
Imagine what might happen if the government decided to decide what was to be changed and what was not to be changed.