So-called “fair tax” is a bad idea.
Flat tax — ABSOLUTELY flat, NO deductions AT ALL for ANYTHING or ANYONE at ANY income level — is a good idea.
In my humble opinion. My CPA hates the idea though. :-)
“My CPA hates the idea though. :-)”
Simplifying the tax code to the level you suggest would put a LOT of tax professionals out of work. Not that I have a problem with that, mind you. :)
The Fair Tax proposal original began in 1994 as a flat tax. Over $20 million was spent in researching better tax systems. Smart business people do not spend $20M on bad ideas.
The group eventually realized any national income tax would continue to have problems, which is why they took their flat income tax with a single large deduction (similar to Jack Kemp's proposal from the 1980s), and rebuilt it to a national retail sales tax with a "prebate" to cover the sales tax on essentials.
The problem with The Fair Tax is most people are sheep who have lost track of how much the Federal Government keeps of their paycheck each week, and actually looks forward to the Federal Government paying back the interest free loan people give the government each year.
Does it have weaknesses? Sure, any tax reform does. But any income tax requires filing tax returns, requires a full-function IRS, and will invite lobbying and meddling in Washington.
Great idea...your grandma who spends 80% of her income on medical costs will pay the same rate as Trump. And, she can live on nothing...but at least it is flat.