You’ve hit on the biggest weakness of the FairTax. Try convincing the Boomers that the money they’ve saved, after a lifetime of having their income taxed, will now be taxed AGAIN as they spend it in retirement.
So you think when the “Boomers” spend their savings they will not pay any federal tax now?
And I have even offered a solution to them:
If the Fair Tax takes effect, have all prior after-tax savings put into special accounts that can be accessed with special Debit Cards and all purchases with that already-taxed money will be exempt from the Fair Tax when you purchase an item.
Simple solution, right?
Yet, the reaction I get from them is that nobody has savings or that it really doesn't matter because prices will drop and...yadda, yadda, yadda.
They refuse to even address the issue.
Well, screw 'em. Until they start addressing this very real issue they will get nowhere with their Fair Tax.