Good points from u/Simpleton9 (not sure the person who down-voted you even understands what you're saying) and you. I would think that would be a simple enough mechanism to implement - whatever savings and already-taxed assets one has before a FT implementation date are exempt from further taxation. It could be as simple as getting an exempt debit card for whatever amount you choose to withdraw from your savings account, for example. Go to a store or shop online, purchase the goods, use the card and no tax can be taken. Banks would simply have to keep an additional data point on record until such a time as the already-taxed account shows a zero balance.
It was simple to understand and a very good point, too. I imagine the down-votes are from knee-jerk reactions from those who (erroneously) think you're against the FT completely. In fact, your point that already-taxed assets need to be considered and protected when implementing a FT don't detract from the benefits and good sense of a properly implemented FT system whatsoever; it strengthens the "fair" aspect of it. Thanks for bringing the topic up in this post.
Good points from u/Simpleton9 (not sure the person who down-voted you even understands what you're saying) and you. I would think that would be a simple enough mechanism to implement - whatever savings and already-taxed assets one has before a FT implementation date are exempt from further taxation. It could be as simple as getting an exempt debit card for whatever amount you choose to withdraw from your savings account, for example. Go to a store or shop online, purchase the goods, use the card and no tax can be taken. Banks would simply have to keep an additional data point on record until such a time as the already-taxed account shows a zero balance.
Thanks. I re-read what I wrote. Seems pretty simple to understand.
It was simple to understand and a very good point, too. I imagine the down-votes are from knee-jerk reactions from those who (erroneously) think you're against the FT completely. In fact, your point that already-taxed assets need to be considered and protected when implementing a FT don't detract from the benefits and good sense of a properly implemented FT system whatsoever; it strengthens the "fair" aspect of it. Thanks for bringing the topic up in this post.
Bingo