Perhaps certain regressive taxes are fine. Perhaps all of them are, if we're consciously balancing them against our progressive income tax code. Problem is, we're almost completely oblivious to the regressive aspects of our tax system.
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.