I'll post you one big reason not to:
I've worked hard, paid taxes, and saved and invested, to where I have, if not a fortune at least a comfortable retirement account - already taxed.
Now this plan will tax all that money again, at confiscatory rates, since a federal consumption tax will be ON TOP OF all state and local sales taxes.
("Squirrel" my @ss, nutcase!)
Firstly, it's not a "confiscatory rate" but a "revenue neutral" which means that overall the total tax intake will be about the same from either system.
If you think you are going to be able to spend the money you have saved without paying extra for the privelege, you're sadly mistaken since you'll actually be paying what amounts to a tax in the form of cascading embedded taxes that go to increase the price of everything you buy with each purchase. This is a hidden tax but it's there and denying it is not - as some are wont to do - doesn't eliminate it.
Now this plan will tax all that money again, at confiscatory rates, since a federal consumption tax will be ON TOP OF all state and local sales taxes.
You assume all states will want to maintain their own complex tax structure. They can choose to conform to the much simpler Fair Tax code and collect a fee from the federal government (http://www.fairtaxvolunteer.org/smart/faq-main.html#25