Savings isn’t tax under the FairTax - nor the income from it.There's no free lunch with the Fairtax. The income from your savings is taxed when you spend it...that's the intent of the plan.
Interest earned (savings) or paid (credit card, mortgage, auto loan etc.) is subject to taxation under the Fairtax...as they say "read the bill".
And we can only assume what tax rates will be when we get around to spending.
There's no free lunch with the Fairtax.Actually the only parties I've noted who make such a claim are those opposed to the FairTax rather than FairTax proponents. Instead, those favoring the FairTax have furnished myriad examples of how it would work (and how purchasing power would increase for most taxpayers - but not those in the areas such as illegal aliens, drug dealers, etc) while opponents merely make wild statements with few factual studies behind them.
Most people with any sense of equanimity who've read the President's Tax Panel's report on the matter realize that the tax they "reviewed" and commented so negatively about was not the FairTax at all. Instead they picked up the favorite attack weapons of Bill Gale and Bruce Bartlett who are both well-known opponents of the FairTax and who continue to demagogue around any circle they can in DC.
After all, they know which side their bread is buttered on since they live off of some form of tax funding which might very be badly affected by the FairTax. Simple self interest. What's your motivation?