Poverty will be reduced from "summary" of The Fair Tax Book by Neal Boortz,John Linder
The FairTax is a revolutionary proposal that has the potential to significantly impact poverty levels in the United States. By replacing the current income tax system with a national sales tax, the FairTax would stimulate economic growth and job creation, leading to increased opportunities for individuals to lift themselves out of poverty. Under the FairTax, every American would receive a prebate to cover the cost of essential goods and services. This means that low-income individuals and families would no longer be burdened by the regressive nature of a sales tax, allowing them to keep more of their hard-earned money. By putting more money back into the pockets of those who need it most, the FairTax would help alleviate the financial strain that many Americans in poverty face on a daily basis. Furthermore, the FairTax would eliminate the hidden costs of compliance associated with the current tax system. This would benefit small businesses and entrepreneurs, who are often disproportionately affected by the complexities of the tax code. By removing these barriers to entry, the FairTax would encourage more people to start their own businesses and pursue their entrepreneurial dreams, ultimately creating more opportunities for individuals to improve their economic standing. In addition, the FairTax would incentivize savings and investment, providing individuals with the tools they need to build wealth over time. By shifting the tax burden from income to consumption, the FairTax would reward responsible financial behavior and encourage individuals to plan for their future. This would help break the cycle of poverty by giving individuals the means to secure their financial well-being for generations to come.- The FairTax offers a practical solution to the complex issue of poverty in the United States. By simplifying the tax system, empowering individuals to keep more of their money, and creating a more conducive environment for economic growth, the FairTax has the potential to make a tangible difference in the lives of millions of Americans struggling to make ends meet.
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