Subject: Fair Tax and Roth IRAs Comment: I have paid many tax dollars contributing and converting to a Roth IRA so I could spend those funds without further tax. The Fair Tax would assure me that I would pay taxes twice on these sums. In fact, anyone who has accumulated any savings in after-tax dollars would have to pay twice. Only 401k and traditional IRA type accounts that accumulate money before taxes would have to pay once. That would be at the time of purchase. All other types of after-tax accounts would have to pay twice. Once as an income tax when the money was earned and once again as a sales tax when the money is spent. Not a good plan. John Higbie I request that you consider very carefully how a general sale tax or VAT could fairly treat those folks who have saved after tax dollars. That is probably most of the population. |