Got to agree with you, Storch. However, I also think we can do better (I'm an optimist).
Mars01: Yours is a common concern, regarding whether reduced cost will translate to reduced price to the consumer. However, that is in fact how the US market works. While there are exceptions, the fact is that competition and other market forces (supply and demand, for example) are what drives the price of most goods and services. This is the rule, not the exception, as you suggest.
I will even give you and example. Not long ago, one of the major car manufacturers in this country decided to grab a bit more market share. So, they offered "employee pricing" to non-employees. Within two weeks, the other car companies had followed suit (under various names), including even foreign companies. Price fixing is illegal, and in any case is hard to arrange (no honor amoung theives, after all).
I encourage you to read up on this bill, as well as what people on both sides are saying. And remember, individuals and businesses shell out as much as $300 billion each year to comply with the tax code. Another $600 billion is lost due to business decisions made based on impact of the tax code. Add to that the $10-$12 billion annual operating budget of the IRS and you've got nearly a trillion dollars a year cost to collect taxes (which does not include the actual taxes paid).
Right now, we have a system that discourages savings and investment. The Fair Tax would reverse that, and put completely into the hands of each citizen to decide how much tax you want to pay to Uncle Sam.
Finally, the US would become a tax haven to the world, as the Fair Tax also eliminates corporate taxes (along with the gift tax, the death tax, the marriage penalty, medicare, and medicade witholdings). Did you know that companies in the US have to pay money into social security and medicare accounts for each employee, above and beyond what comes out of a worker's paycheck? That cost, like every other, is passed on to the consumer.