A lot of hype has been made of the fair tax because it would simplify the tax code. However the Fairtax as it is designed would be a regressive tax on the middle class, and benefit the very poor, and the very rich only.
However the underlying idea of a consumption tax is good. But it needs to be progressive, not regressive. By that I mean instead of taxing all goods at a flat rate. You would tax luxuries, and things like food, and clothing would be exempt. I believe this would be a fair, and ideal tax code, that would stimulate job growth, increase investment. Make it easier to start small business, and it would help American corporations compete with multi nationals.
It would be an all around benefit, and the best benefit would be the fact that you would be able to control how many taxes you pay by abstaining from luxuries. So if you live a frugal life already, you will save drastically.
My idea is somewhat based on my states current sales tax, which is only 5% on top of income, SSI, state, and other taxes. My proposal would expand it, and replace the other taxes, particularity income tax.
http://www.mass.gov/legis/laws/mgl/64h-6.htm