Why not simply go with the flat tax at 10% of the taxpayer's annual income? Consumption taxes are, by their very nature, regressive tax models that the sheeple will only tolerate for so long (once they realize that they're paying out over 50% of their annual wages in taxes while the wealthy are paying less than one-tenth of 1%).
Where did you get that 50% figure from? The price of goods will not see an increase with the FairTax, there will be no federal income tax, and there will be no Social Security Tax. The end result is more money in the pocket!
For a self-employed person, he will be able to keep all the money that would have otherwise gone to Social Security -- it and Medicare will be fully funded under the FairTax. He will pay the same amount for goods that he did before, keep all of his money, plus he will receive a rebate check for the cost of essential goods up to the poverty line.
The rich will pay their fair share for what they buy, paying more when it's more expensive, and tax evasion will be held to a minimum. What's not to like?