Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open.

What is the US Fair Tax?
The fair tax is a proposal to replace the US income tax with a sales tax. Pros of Fair Tax:  It's a large change to the way the United States currently does things. The "Fair Tax Act of 2011" is H.R.25 in the US House and S.13 in the Senate. The full text of the bill is available at the links provided. There are some fairly large consequences of implementing a fair tax.   For example, 401ks and Roth IRAs serve no benefit over non-retirement investments.   Mortgages would no longer have a tax advantage.  Luxury items would get far more expensive.