I am retired, with significant after tax savings, mostly in institutional accounts and CD's. I paid very high income tax rates on that money when I earned.it (35% and better). It appears that if the fair tax is enacted, I would once again be taxed on the same money I have already paid 35+% on when I earned it. What provision is there in the fair tax that would exempt this already fully and highly taxed money when I later spend it? Without such a "grandfather" provision, looks like I will have the priviledge of paying upwards of 55% to 60% overall tax on my earned income, which I don't see how I could ever be talked into believing is in any sense "FAIR". So what provision is there in this fair tax plan that will allow me to avoid double taxation on all the money I have already paid tax on and saved over all these years? Please do not parrot the overall benefits of your plan, as I have heard adnausium the diatribe that somehow, other benefits will make up for the fact that I have to give uncle sam over 55% of my money for taxation. How can I, under your fair tax plan, legally exempt the money I have already paid tax on when I spend it?