The current tax code destroys wealth and diminishes wealth creation excessively, but it does not effectively tax wealth (in the sense of raising revenue). The FairTax would tax spending from wealth in addition to fostering more wealth creation.
The national deficit won't be cured through a deficit of corporate responsibility. When freeloading members of our national fiscal family aren't paying their fair share, we're in deep trouble -- we have a dysfunctional family. A balanced budget starts with a balanced pay-in.