Thanks to Jason Stack for his letter.

In addition to the point I made about the Fair Tax requiring at this stage an exorbitantly high (IMO) rate, there are other practical reasons why I'm not saluting the Fair Tax at this time.

The interest groups "stacked" up against the Fair Tax are simply too numerous. For instance, everyone involved in homeownership and home building. The Fair Tax takes away the home mortgage interest deduction. That strikes at the heart of K Street, home of legions of lobbyists who will pull out all the stops to kill a Fair Tax. Fighting these people is, simply, quixotic, in my judgment at this time. Sure, there's a case against preferring mortgage debt over other consumption. It's simply, though, in my opinion not a battle to fight now. It's for later, if and when government is significantly reduced in scope and scale.

The other sound argument against the Fair Tax is that it's another tax, and it could possibly become an addition to, rather than a replacement for, the income and other taxes. That's certainly a risk, in my judgment.

Just my opinion, though. Good luck with the Fair Tax. Call me in, say, 10 years.

-Robert Capozzi