What the FairTax would mean for you
The FairTax would mean that the federal government will no longer be withholding income taxes, FICA, or medicare taxes from your paycheck. If you live in a state with no income tax like Florida or Texas this means you will take home your whole paycheck. It also would mean you will not have to ever file your federal taxes again.
Additionally every month you would get a check to reimburse you for the federal sales taxes you paid for spending up to the poverty level for your household (the Family Consumption Allowance).
These are the upsides.
On the downside every time you purchased a new good or service you would be paying a 23% inclusive sales tax. Any purchase of an old good you make would be tax free. So if you bought a used car, you would pay no sales tax. If you bought used clothes at Goodwill, no sales tax. If you bought an existing house, no sales tax. If you buy land (all land is definitionally used) you would pay no sales tax.