If you want to make a lot of lawyers extremely rich, then be in favor of this.
I'm not opposed to allowing lawyers to earn money (hellllloooo, Mav, you are a lawyer) as they too spend their money making the economy work.
The time that it would take to phase out income taxes and replace it would be amazing - not too mention very costly. I can respond to the "transition time" comment from Mav using what I have heard the author of the Fair Tax book say on his radio show. There will be no transition to the sales tax--Jan. 1, 2007 everyone starts paying the sales tax. April 15, 2007 you file your 2006 taxes.
Also, you have to remember that this federal tax would be on top of what each State needs in sales tax revenues, so do you have the States collect it and remit to the federal government (larger staff required) or do you have the merchants send it to the feds directly? If so, that means changing the whole set up of the Treasury and IRS - again money and time costly. And what about where sales tax currently isn't charged in States? Very costly to Delaware to set up a system. States can either collect the sales tax for the nat'l gov't (receiving a monetary amount for doing this) or retailers could do this directly. Alternately, states not set up to collect sales tax could outsource the collection.
And what about where there are lots of events where sales tax isn't charge - like the Junior League of Jackson's Mistletoe Marketplace? Will you make each merchant collect this tax, or the Junior League - both of whom currently are not equipped to collect at offsite events like Mistletoe. I'm not sure how the Mistletoe Market is set up, but if it is a place where artisans and craftspeople come to peddle their wares those people would be the retailers that would collect the sales tax. And, if they aren't collecting sales tax now for the state of Mississippi, they are breaking the law right now anyway. I know that as a Mary Kay consultant I collect sales tax on each sale(except for my DE clients).
And if it is adopted, how does that affect how Congress implements social policies by the tax code? Home ownership is encouraged because of the current tax laws,etc. Lastly, I would say with a fair amount of confidence that the authors of this bill and the supporters of the Fair Tax do not believe that the role of government is to implement social policies.
When I read the book I'll blog more, but as it stands that all I can answer.