That is incorrect. With the FairTax, each household gets a sizeable "prebate" up-front each month which covers necessities (though presumeably not boats as in your extreme example).
That is incorrect. Each household does not get a sizeable prebate. The size of the prebate depends on the size of the household regardless of income. Consequently the prebate will be a smaller percentage of income as a person's income increases.
Fair Tax FAQ #49 The percentage of the prebate for those with the highest income will be almost 0%. I suggest you visit
The Americans For Fair Taxation website before you make any further statements about the Fair Tax.