Yes, it definitely needs an overhaul. I don't think we need a new system, just a vastly simplified version of our current system. Keep the income tax, but treat everyone and everything the same. Make it a flat tax rate with a single cost-of-living deduction based on family size. No special taxes for medicare/medicaid and social security. They come out of the general budget and the general tax income. And no special tax rates for investment income or inherited income. They're treated the same as everything else. Think of all the money that would be saved every year if most people didn't have to file their taxes ever, because the right amount would already be deducted for you.