Not exactly. It's ridiculously complicated. Check out this really thorough breakdown of how the fair tax works and what it would entail (http://www.factcheck.org/taxes/unspinning_the_fairtax.html).

I do feel your pain on the bonus. Mr. Tater got one last week and was rather dismayed at bonuses getting taxed higher than regular income. But it's still free money we wouldn't have had before...