Boomer, Schoomer ... you've got some of the most foolish notions I have seen on these threads. You jump to some half-vast assumption and then hammer away at it despite the fact it is meaningless.
You don't even seem to realize that double taxation exists for you "wunnerful, industrious" boom-booms right now with the income tax and even if you'd already paid tax on you massive hoards of bux, you're going to pay what amounts to a hidden tax when you buy things due to the costs of taxes embedded into prices and hidden from you. Believe it or not, but income taxes drive up prices and you won't escape from paying more when you buy under the income tax.
If you don't think so, you're in serious need of a reality check. And you needn't be double taxed under the FairTax; just invest the money you've "brought over" and, since investment income (or any other) is not taxed under the FairTax merely use that investment income to purchase things with the prices that have been lowered under the FairTax. That way the funds "brought over" are not taxed at all (except for what you've already paid under the income tax).
If you're up to it, a little calculation will show you that you'd do better with the FairTax since not only do YOU control the timing and amount of taxable consumption (and remember not everything is taxed), but your effective tax rate wold typically be much lower that the marginal rate. Check the FairTax website or look here:
http://www.fairtaxvolunteer.org/smart/faq-main.html#48
As to your claim of "10%" income tax, that's very unlikely since the 2006 rates for a single taxpayer (10% )top out at $7,550 and I doubt many (Boom-Boomers or not) can live too well at that level. Even at the 15% rate, it tops at slightly over $30,000. Take a look at the FairTax graph in the link I just gave and you'll see the effective rate is much less than that. Even at the $25,000 spending level (on which there are no hidden taxes embedded in prices) the effective rate if not far from 0% due to the prebate. With the income tax at either 10% or 15% the person would also be paying increased prices due the the hidden taxes.
Better shape your Boomer buds up as they're greatly mistaken when it comes to the FairTax and they'll pay a great premium to remain under the income tax in the mistaken belief they are "saving" money or not being "double taxed".
Your comment about "... shows how deceitful and idiotic you are ... is both wrong and incorrectly addressed.
There might be a few rich Boomers like me out there, and I would do very well with a 23% tax and the pre-index payment beforehand, but the vast majority of taxpayers will be hugely double taxed by a sales tax when they have already paid taxes on their property.
As other learned folks have commented, the proposal of the farttax is the largest confiscation of property ever, in the name of fairness, and as such, will never see the light of day.
It is over Piggy, and inane posts like yours will never bring it back. BTW, because you probably don't earn enough to fill out a 1040, you wouldn't understand what you are reporting. $7500 is "taxable" income. Far different than gross receipts.