It would be a great improvement, but not enough for my tastes.
I don't agree with the whole concept that the government should have any right to know what wealth you earn or possess. They have no right to pry into the private finances of the citizenry without a warrant.
Some variation of a sales tax would remove their justification for having unfettered access to information about our financial business.
A sales tax would also force every liberal, including the illegal ones, to pay for their own entitlements.