So if you woke up one morning in Thailand and saw that Federal taxes had been abolished, how would that affect you? 

Would definitely cause me to reconsider the reasons I moved to Thailand in the first place. The US economy is going to roar when this happens. For the last 30 years the US has been a country in rapid decline. But if this happens, combined with some other much needed reforms to excise overbearing government agencies from citizen's lives and restore individual liberty, it will change the entire dynamic of the country.