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.
Simple fairness requires three things: More tax brackets at the top, higher rates in each bracket, and the treatment of all sources of income (capital gains included) exactly the same.
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.
I speak of the "value-added tax," or "VAT." Republicans are horrified that President Obama has a secret plan to pass this tax, and are shouting from the rooftops (of the nearest Fox News building).