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That's ridiculous. I don't want to spend it now, I want to spend it upon retirement. Without exempting savings on which I have already paid income taxes, the NRST should go nowhere.

Serious question.

Say somehow there was an exemption on savings prior to the NRST. When you go to the store to buy $10 worth of something and you give the cashier two 5's, how will you prove they were either both from pre NRST savings, or that 1 of them was and thus only half the transaction is subject to taxation?

Also, with the NRST you will no longer pay tax on savings, investments, retirement accounts, etc...

Also, with the NRST you will no longer pay tax on savings, investments, retirement accounts, etc...

I thought all services were taxed? Are you saying the service the banks, investment firms, and financial advisors provide will not be taxed? Which services will be taxed and which ones won't?

Say somehow there was an exemption on savings prior to the NRST. When you go to the store to buy $10 worth of something and you give the cashier two 5's, how will you prove they were either both from pre NRST savings, or that 1 of them was and thus only half the transaction is subject to taxation?

When I have two 5's in my hand, how does the government know that one was a gift and one is income? I report it.

There must be some mechanism by which I can file a report telling the government that the money I spent that year, say $50,000, came from pre-NRST saved funds, entitling me to a refund of the NRST I paid that year. Without this, people will see the NRST as a scheme to double tax their money and will revolt against it, and they should.

It might even be a requirement that people declare whatever pre-NRST savings (cash, stocks, real estate, etc.) they have when NRST goes into effect if they want to participate in such a refund program.

Also, with the NRST you will no longer pay tax on savings, investments, retirement accounts, etc...

That doesn't help me when the income I saved pre-NRST was taxed at over 30%, and now that same money is going to be taxed again by NRST (what? another 10-30%, whatever it turns out to be) when I spend it.