This experimental study investigates how subjects manage their inter-temporal consumption and saving when they face an anticipated fiscal taxation scheme in an endowment economy with a finite life cycle. An announcement of tax reduction executed in the middle of their life cycle is published at the beginning of the experiment. And a call market in the economy allows debt and saving within subjects. A series of classical farsighted models (i.e., rational expectation and adaptive learning) and myopic models are introduced to explain subjects’ behaviors. The experimental results imply that subjects’ behaviors can be identified more by myopic models than by farsighted models. Furthermore, risk aversion shows positive correlated with myopic behaviors.