Incentive isn't a yes or no thing, it's a scale. The more you tax saving relative to spending, the more you encourage people to spend. Mathematically, if we vie

Incentive isn't a yes or no thing, it's a scale. The more you tax saving relative to spending, the more you encourage people to spend. Mathematically, if we view save vs spend as a choice between consuming now vs consuming later, with some fixed time discounting function, then for any given save vs spend decision, taxing one increases the relative payoff of the other.