You read that correctly--Fundamental overhaul and replacement of  the system? A direct Presidential reference  to ending the IRS and terminating the federal income tax. 

Dr. Lawrence Lindsey White House Assistant for Economic Affairs, "President George W. Bush will push for a fundamental overhaul of the tax code if Congress passes his $1.6 trillion tax cut."

“…The second political fact is the unpopularity of the IRS. That unpopularity is hard to overstate and has become much more intense recently.”

From: “Will We Ever Get Tax Reform?”
January 1998
By Lawrence B. Lindsey

The tone continues, Treasury Secretary Paul O'Neill, "I think our tax system is not worthy of an advanced society and I think we ought to do something about it."

"I'm very much of a mind that we need fundamental tax reform. The current tax code serves to undermine U.S. leadership ... and tie up some of the brightest minds in the country."