[Gadsdenman]

It would seem to me that most people with significant savings would also have a sizable IRA or 401k. That would tend to balance out any losses on savings, as they would be composed of savings that were never taxed, and never would be, until spent.

[groanup]

It would seem to me that most people with significant savings would also have a sizable IRA or 401k

Actually, the amount of retirment savings inside IRA's and 401 k's dwarfs the amount in taxable accounts. This point has been made to these SQL's (status quo lovers) over and over again but they ignore it because it erodes one of their favorite bogus arguments.