The Fair Tax would be a good idea if it was the first taxation system in a country. But we have invested so much in the income tax at this point, and the transition effects would be ludicrous. The minute this passes, everyone would start spending down their income and maximizing deductions on the income tax, so that when the Fair Tax rolled around, they would be able to spend as little as possible. While this would be a great one time shot to the economy, it would also have devastating inflationary impacts.