Creating wealth is more important and the income tax deters that.
If creating wealth is SO IMPORTANT to you going forward, why does the FairTax plan severely punish anyone who has created wealth in the past by destroying a large portion of the value of their wealth? Surely anyone who had overcome the evil Income Tax and managed to accumulate wealth in spite of it should be looked at as some sort of superbeing, not someone to tear down their net worth.
I really can't fathom this aspect of your argument when you seem to agree previously that accumulated after-tax wealth takes a severe hit.
Well thanks to a link you gave me I was able to dispel much of that myth. How convenient that you are bringing up this argument now. Did you ever consider the wealth enhancement brought about by the removal of taxes on retirement accounts? Do you have any idea (of course you do) the increased compounding effect of the removal of taxes? Don't you want your children to be able to take advantage of that? Why do you insist that it be done only in government approved vehicles? I sure don't.
Here's a question for you. What if we just reformed investment? No more of this ten different retirement accounts, one for annuities, one for teachers, one for small business owners, one for employees, one for gov't employees. What if we just made all retirement accumulation tax free? Would you go along with that? No more tax on any investment income of any kind? No limit on how much we can put into those accounts tax free and no taxes ever? Even when we cash out?