Double taxation for responsible fiscal savers sounds like a bad plan to me.
This is one of the cons associated with eliminating all income tax and replacing it with an increased sales tax. According to Bruce Bartlett, author of ?Why the FairTax Won?t Work,? the elderly will be affected the most.
(The Fairtax) penalizes those late in life who have saved for their retirement during an era when saving was heavily penalized by the income tax. But rather than being able to spend their savings tax-free, as they anticipated, they will now have to pay sales taxes on everything they buy, including health care.
