Would you say that it is only a tax on current savings if you use current savings to purchase something?
If you purchase something from future income that has not yet been taxed, then it isn't a double tax anymore.
Now, this may be an issue to retirees who are living off of savings, but today's workers will likely be purchasing from their paychecks or future savings, not past savings.
-PJ
Gee, ya think?