How would it be taxing you twice. There would be NO income tax period. All monies earned would be kept in your pocket, NO reporting to the gov.’t on any level of what you earn/make. It would encourage younger wage earners to save. And I too am retired [med. retired living on SS & va disability]. This is the fairest way across the board for everyone. There is no one single way to fix everything for everyone. But this is one of the best, that we have been able to figure out. Corporate taxes would be cut back to about 10% & this would encourage any monies kept overseas to be brought back for reinvestment in facilities, goods & services here on the homeland.
anything that requires the gov.’t to have any extra say in how the economy is to run defeats the recovery. And any company or corporation that can not make it, then fails according to the laws already on the books.
I paid tax on the income before I retired.
When I spend that income which was saved (I’m a real cheap guy) [plus my Social Security payments already taxed in the past, which I hope to get back] I would be paying again.
~27% income, ~22% consumption = ~49% total
A person born in say 1999 would just be paying the 22% consumption tax.
It’s not easy to switch taxing systems radically.
In my opinion, the existing income tax should be made as flat and simple as practical by eliminating most deductions and refundable tax credits.
We should rely more on consumption taxes (on say telecom services and unhealthy food), but you just can’t change radically and be anywhere near fair.