[valkyrieanne]

According to recent work by Stanford University economist Joseph Kahn, those seniors with a net worth over $400 thousand (nearly four times the median) may see a reduction in their purchasing power. The largest decline in purchasing power, about 3.5 percent, is for those with net worth above about $700 thousand. The primary reason for this effect is that wealth spent for consumption purposes that is held in non-tax-deferred accounts like IRA's will be taxed when spent under a consumption tax and would not be taxed any further under current law. Seniors will be able to take comfort in the fact that their children and grandchildren will no longer be laboring under the yoke of the income tax, and will once again be able to see their own standard of living improve, one generation to the next.

Well, isn't that selfless of them, to watch all that money flow into the federal coffers. Sorry, I don't buy it. I would lobby heavily *against* this kind of "tax reform." The federal income tax should be replaced by a *flat tax,* not a consumption tax, unless people making IRA withdrawals get a *rebate.* Considering that the population is aging rapidly, and in 20 years there are going to be a LOT of "senior citizens," this seems to be a particularly bone-headed plan.

[Bigun]

Considering that the population is aging rapidly, and in 20 years there are going to be a LOT of "senior citizens,"

And a great many of them are FAR more concerned about the country that will be left behind for their children and grandchildren than their own self interest! A GREAT many!

[Principled]

What's boneheaded is that you don't get that IRAs, 401ks, or your retirement vehicle of choice is alreay going to be taxed when spent. The nrst doesn't cause savings to be taxed when spent... that is already happening. The nrst only makes it visible.