Dear Neal:
I will not support the “FairTax” until:
a) it is contigent on FIRST repealing the 16th Amendment
and
b) removing the socialist dream’s “pre-bate” from it’s provisions.
See Post # 6.
And I will not support it until it has some provision for a one-time lump-sum payment to Roth IRA holders on past contributions to ensure they don’t get screwed over with double taxation. I’ve heard the arguments that we’re paying an embedded tax anyway. But that’s BS. If I have a $200,000 Roth IRA, I’ve paid in about 40-50k in Taxes with the expectation not to be taxed on that $ when it comes out. If I had the money in a Traditional IRA or 401k, then I would NOT have paid in the tax.