There are three reasons why I am a big supporter of FairTax:
1) It would bring back most of that US$15 TRILLION in American-owned liquid assets now either participating in the underground economy or sitting in offshore financial centers located beyond the US border, providing a GIGANTIC liquidity boost that will recapitalize many distressed American corporations and even provide a liquidity base to open new loans and lines of credit necessary for real economic recovery and growth.
2) It means far less incentive for American companies to export blue-collar and white-collar jobs for tax reduction reasons. This means millions of jobs return to the USA, and even the infamous Rust Belt loses that moniker as thousands of factories re-open under better tax circumstances. And new jobs will come flooding into the USA as foreign companies take advantage of the USA becoming the world's largest legal tax haven.
3) The resulting economic growth would ENORMOUSLY increase tax revenues via this consumption tax, especially with no more taxes on earning money. The revenue stream would be so big that we could finally defuse the Social Security and Medicare "financial time bombs" and even start to retire the national debt on a massive scale.
In short, FairTax--grown out of the same sentiments that kicked off the American Revolution (students of American history need to remember that famous phrase from that period, "taxation without representation"--gawd, does that apply to way too many people in Congress nowadays! 
)--will become the most liberating thing to the American economy once it becomes law and replaces our out-of-control income tax system.