What is The FairTax?

In a nutshell:
The FairTax replaces all federal taxes on your income with a consumption tax on consumption/spending on new goods and services above the poverty level only.
You keep your income and only pay the govenrment when you spend after taking care of you and your familes basic necessities. You control what you pay, when you pay and 'if' you want to.

The FairTax plan is a comprehensive proposal that replaces all federal income- and payroll-based taxes with an integrated approach including a progressive national retail sales tax, a prebate to ensure no American pays federal taxes on spending up to the poverty level, dollar-for-dollar federal revenue neutrality, and, through companion legislation, the repeal of the 16th Amendment.
The FairTax Act (HR.25, S.122) is nonpartisan legislation. It abolishes all federal personal and corporate income taxes, gift, estate, capital gains, alternative minimum, Social Security, Medicare, and self-employment taxes and replaces them with one simple, visible, federal retail sales tax administered primarily by existing state sales tax authorities.
The FairTax taxes us only on what we choose to spend on new goods or services, not on what we earn. The FairTax is a fair, efficient, transparent, and intelligent solution to the frustration and inequity of our current tax system.

The FairTax:
-Enables workers to keep their entire paychecks
-Enables retirees to keep their entire pensions
-Refunds in advance the tax on purchases of basic necessities
-Allows American products to compete fairly
-Brings transparency and accountability to tax policy
-Ensures Social Security and Medicare funding
-Closes all loopholes and brings fairness to taxation
-Abolishes the IRS.

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Search the 'Library of Congress' and track the progress of HR.25 The FairTax