The crux of the government system is based on socialist totalitarian guidelines where income tax has no representation (federal level). That is why it is a violation of the U.S. Constitution and the Bill of Rights. For in the doctrine you cannot have taxation without representation. Taxation was meant for the states not for the Feds to administer. There is no representation of the Feds for the people.
The Fed is responsible for all economic situations by virtue of collection of illegal taxes to fund foreign banks and then float funny interest rate bonds to and collect from the Federal Reserve bank’s reserves for them. Hence the ponzi scheme talk that surrounds it.
1980s and 1990s was not a prosperous time. October 19, 1987 the Stock Market encountered its second crash called Black Monday (ref. Is Gold Pricing Accurate?, http://www.igoldpost.com/is-gold-pricing-accurate/). The common problem as then as it is today is poor monetary practices have led to a depressed economy with 18 to 20 percent unemployment.
The government will not abolish the Fed without intervention. Namely, the people are backed by the military to expel them out of Washington and return the foundation and principles of the U.S. Constitution. Resulting in the the original Democratic Republic. There would also have to be the states mass approval of passing legislative bills comparable to Utah and South Carolina where gold and silver coin is accepted as tender. I had someone ask me a similar question on this and I directed him to the original doctrine of these states. The acceptance of the metal standard among the states would then return the paper previously (Silver Certificate and the Gold Certificate or a comparable paper). The action of which Woodrow Wilson brought eliminated one of them from coming into existence (Gold Certificate). The purpose was to prevent the people and small businesses overtaking the Feds which put themselves in power after the Civl War. So to answer that one, I would say what placed them in power would have to also have a similar action to remove them.
The financial market and the economy would then be held to a strict standard of monetary budgeting based on a precious metals standard. That would employ guidelines for controlling the production and distribution of the metal. Currently, without a gold standard we do not have specific guidelines for the production and sale at the product level. By definition the gold standard employs certification and documentation on the product weight and distribution (validating its authenticity). Thus at this point with Utah and South Carolina simply accepting coin is not a standard but merely a state regulatory action or guideline.
Debt is only cleared at the point in which gold is the reserve for payment. Only gold seals the deal and pays off the debt. So if the debt is $16 Trillion there would need to be the equivalent in gold reserves to pay it (ref. Return Of The Gold Standard, http://www.igoldpost.com/return-of-the-gold-standard/).
Income taxes will only come to an end when the Feds are removed from Washington and the Republic returns. At that point control is then turned over to the states to individually handle their own economy and financials. Something which has been a big lie for years has been the talk of decentralizing big government and less political influence over the nation.
Without an income tax, there would be the return of a democratic capitalistic nation through which the U.S. was originally based with small businesses that made it happen. Currently, small businesses are in the same boat as the middle class and the lower income class. Feds have shoved them aside and brought under their wing of socialism the corporations.
Taxes basically operate in this fashion. Promissory notes are created out of government bonds, which are not tangible assets but instead are instruments to be paid from tax revenues received. Which is why we see rising prices to consumer and durable goods which then reduces the value of banks being able to lend. The government utilizes tax revenues for various public services. Revenues of which the Federal Reserve banks have collected on interest loans to member banks then goes into the tax revenue for budget. Defense, international security and military operations, social security, medicare and medicaid, and finally interest payments on the national debt. The Tax Refund originated from Congress which they control and authorize and give IRS its authority to administer. The President has no authority over the Tax Refund but merely signs it once Congress authorizes it. The office of the President by nature of the position has veto powers. So he can veto Congressional passage of a Tax Refund and prevent it from being authorized and provided to the people..