[Scots-Irish]

After being (over)taxed on their income over the last 40 years, the Baby Boomers would now be taxed on their savings-financed consumption in retirement. This hardly strikes me as "fair" nor does it seem likely to be enacted. If the AARP can oppose partial privatization of Social Security, which has no impact upon its members, it will certainly rise up against this attempt at double (triple?) taxation.

[Phantom Lord]

After being (over)taxed on their income over the last 40 years, the Baby Boomers would now be taxed on their savings-financed consumption in retirement.

Currently, when they do retire and draw funds from their retirement accounts they have to pay tax on it. With the NRST, their entire retirement savings are 100% TAX FREE!

This hardly strikes me as "fair" nor does it seem likely to be enacted.

How is removing all taxes on their retirement accounts unfair?

If the AARP can oppose partial privatization of Social Security, which has no impact upon its members, it will certainly rise up against this attempt at double (triple?) taxation.

The AARP opposes SS privatization for political purposes. They are a left wing organization, and they, like democrats in congress, need to have fearful seniors to prey on for membership dues as liberals prey on them for votes.

[BikerNYC]

After being (over)taxed on their income over the last 40 years, the Baby Boomers would now be taxed on their savings-financed consumption in retirement.

I think they would have to grandfather all funds in savings/retirement accounts that have already been taxed on the way in so they wouldn't be double taxed being spent.

[kevkrom]

After being (over)taxed on their income over the last 40 years, the Baby Boomers would now be taxed on their savings-financed consumption in retirement.

First of all, there would be no income taxes paid on the appreciation earned in their investments, no income taxes on their SS benefits, and (in the case of tax-deferred investments like a 401k or IRA) for many investments, no income tax on their investment principal.

Plus, there's the FCA, which then lowers their effective tax rate on goods and services which are no longer artifically inflated in price due to the VAT-like nature of income taxes.

Seniors will likely be better off, not worse off, under the NRST than they would under an income tax system.