[GeorgefromGeorgia]

I am nearing 60 and close to retirement. Because of that, I will be in a lower income tax bracket, and benefit from a Georgia law that exempts much of my retirement income from state income tax. However, I like the FairTax. If it is good for the country, I will support it. Think of it in another way. What more do you have to buy in your golden years. I may buy another car, perhaps two, but aside from food, utilities, I won’t be paying out bigtime on the FairTax. Also, my retirement, and accounts (IRA, 401K) will be tax free with no income tax.

[Filo]

I am nearing 60 and close to retirement.

Congratulations! :)

Because of that, I will be in a lower income tax bracket, and benefit from a Georgia law that exempts much of my retirement income from state income tax.

Not all of us will have that advantage. California taxes retirees and I’m personally hoping to have enough saved that my retirement will be spent at a higher income level than I earned leading up to it. . . :)

However, I like the FairTax. If it is good for the country, I will support it.

I like it in concept, but not in implementation. Again, with the few tweaks I’ve mentioned I’d be a proponent.

Call me selfish, but I don’t want to pay my taxes twice and I don’t want the government to have the chance to add new taxes later. If the 16th isn’t repealed and replaced with an unimpeachable ban on future income taxes then we’ll be just like Europe with an income tax and a VAT within a decade or less. Count on it.

Think of it in another way. What more do you have to buy in your golden years. I may buy another car, perhaps two, but aside from food, utilities, I won’t be paying out bigtime on the FairTax. Also, my retirement, and accounts (IRA, 401K) will be tax free with no income tax.

Maybe yes and maybe no. But the point isn’t about you and your retirement it is about everyone in the system and what they are doing as well. Yes your 401K is pre-tax which means that you’ll be on par with that regardless of the tax system. Your IRA, however, was funded with taxed money. You’ve already been taxed on that with the expectation that you wouldn’t be re-taxed upon withdrawal. That won’t be the case if the Fair Tax passes. The same holds true of any investment accounts, savings accounts, bonds, cash in the mattress and the like. If you created the wealth with after-tax money before the Fair Tax was implemented then you’ll be taxed again when you spend it. That double taxation is a flaw that absolutely must be addressed.

[Mind-numbed Robot]

I am nearing 60 and close to retirement. Because of that, I will be in a lower income tax bracket, and benefit from a Georgia law that exempts much of my retirement income from state income tax. However, I like the FairTax. If it is good for the country,...

I am nearing seventy and, like you, will pay more under the NRST and, like you, I also support it because it is good for the country.