(drag to URL box if using Firefox):
http://thomas.loc.gov/cgi-bin/query/z?c110:H.R.25.IH:
Didn't think so.
No. But you will get your entire paycheck without federal withholding. That means your take home goes up by your FIT + FICA. Then you get the Prebate on top of that.
Retail prices will come down some due to elimination of corporate taxes, corporate FICA payments, and increased business efficiency resulting from these changes. Net retail prices including the FairTax will go up some.
Here is the FairTax Calculator where you can analyze your situation and test other scenarios. [Note that it quotes the FairTax rate as 23% because it is using the exclusive rate. You can change this, too, to try other options if you wish.] By default, it does not reduce retail shelf prices, but it allows you to do 'what if' comparisons here, too. Click on the Assumptions tab and enable the default 10% decrease in pre-tax prices. Then return to the results and compare.