Who really gives a s about "old people". If they had saved a little money during their lives, they wouldn't be eating cat food.
Well, now that you bring up "savers", let's see how the 9-9-9 Plan affects us.
Although a high earner, I have always been a frugal guy and a high saver. After three decades of a workaholic medical practice, I was able to just retire on my savings. However those savings that I have accumulated up to now will end up being cumulatively taxed out the wazoo under the 9-9-9 Plan.
I had the top income tax rate rate of 35% last year. So, let's do the arithmetic for $100 earned and saved in December 2010 and then spent in 2014 under the 999 Plan.
($100 earned in 2010) - (35% Income rate) = ($65 left over to put in the bank in 2010)
($65 of saved money) - (9% Federal Sales Tax in 2014) = ($59.15 of left over purchasing power)
TOTAL CUMULATIVE TAX RATE ON THAT MONEY SAVED AND SPENT: 41%
Those of us who were taught the conservative values of hard work, frugality and savings will take it in the shorts as our life savings will be double taxed at an obscene cumulative rate.
Those who were taught to spend like drunken sailors without ever saving a dime don't have to worry about the double taxation on their current savings because they HAVE no savings.
As another poster noted on another thread, the 9-9-9 Plan, although it has a very catchy name, looks like something that was hurriedly scribbled out on a cocktail napkin after several shots of Scotch.