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Not everyone has their savings in a 401(k). Some have their life savings (that has already been taxed) in the bank. I'm thinking of my retired parents that didn't have IRAs and 401s. They live off their savings. This would subject them to full taxation for the second time.

This would subject them to full taxation for the second time.

That's a valid observation. But not a reason to not get rid of one of the most intrusive, abusive, and unjust tax systems that has ever been devised. Ths system, as it is, is in trouble and it needs to be reigned in now or we will have a nightmare in the not to distant future. Higher taxes, identity surveilance to prevent unaccounted income, outlawing of cash transactions above a small amount, outrageous loopholes for the influential that make the current system seem fair, resculpturing of our social and cultural system by tax deductions and credits carried to the extent that you will conform to the wishes of the ruling class or live on the streets. Just a few of my predicitions. These are already instituted to some extent, they will become opressive soon.

I have advocated NSRT for about 30 years (before the NSRT was called the NSRT). I've gone from being considered a radical moron for this stance to hearing the President of the United States advocate it. It's an idea whose time is coming. There will be those, like you parents perhaps, who will suffer some bit of injustice, but overall it will be better for all. Those with savings will benefit by having untaxed interest, and probable lower prices for the things they consume. Remember that I am advocating the replacement of all federal taxes on the people and businesses, including SS, income, comp, FICA, etc. We are all paying these taxes now in a hidden way because of the cost of goods that includes them. We would all still be paying them in the future, but we would only pay once, not on every level of production. Commerce would boom for us as we bacame more competitive in world markets by not exporting hidden tax costs along with our goods.

I'm thinking of my retired parents that didn't have IRAs and 401s. They live off their savings. This would subject them to full taxation for the second time.

Bless your parents for saving!

You should know that there will be NO increase in tax burden to them due to passage of an nrst.

They're already paying 20-30% in federal taxes at the register...it's just hidden.

The nrst makes it visible - putting heavy downward pressure on taxes. Further, your wise folks will now have their necessities untaxed. They will pay no gift tax; and they will have no estate taxes to pay.