Studies indicate that the changes in fiscal and monetary policy affect the three economic agents in the economy (households, firms, and government). How do the changes in monetary and fiscal policy instruments affect you personally or work wise? Policymakers who want to stabilize the economy must decide how much to change the money supply, government spending, or taxes. Why is it difficult for policymakers to choose the appropriate strength of their actions? Which method do you think is better in the long run? Why? Some economists and policymakers argue in favor of replacing the current income tax in the United States with consumption tax. What are your opinions on the issue? How do think such a change would impact your income and expenditure pattern? Which tax method do you prefer—income tax or consumption tax? Why? What are the pros and cons of the two tax methods?

There are too many questions here to answer one by one, so this question will address the issues involved with using monetary policy raised by these questions, including those related to income tax. Governments use fiscal policies (taxation and spending) and monetary policy (altering the amount of money in the money supply) to stabilize the economy. For example, Republicans in Congress just passed a massive tax cut plan that they argue will stimulate the economy by putting more money in the hands of households and businesses. This, they argue, will increase investment and consumption, promoting economic growth. Criticism of the tax plan is related to two more of the questions posed here. Critics argue that it (reduced taxation, the fiscal policy in question here) will increase the deficit and the federal debt—resulting in cuts to social welfare programs. They also point out that the policy changes will exacerbate economic inequality in the United States. As a result, making changes in fiscal policy is a difficult and controversial step because the consequences of these policies often have political and social consequences that are difficult to predict. As for the issue of a consumption tax, many have argued that it would reduce revenue to catastrophic levels and that it would decrease consumption, which, at least for the last 75 years, a majority of economists have held to be crucial to economic policy. A consumption tax would incentivize saving. As in the current tax debate, economists and politicians have to judge this particular form of fiscal policy by its actual effects on people, which are usually not equitable. A consumption tax (unless it was added to a previously established income tax) would almost certainly benefit the wealthiest in society more than others. 
http://www.investorguide.com/article/11831/consumption-vs-income-tax-which-has-a-larger-impact-igu/

https://www.econlib.org/library/Enc/ConsumptionTax.html