Social security benefits will increase from "summary" of The Fair Tax Book by Neal Boortz,John Linder
Social Security benefits will increase under the FairTax plan. Currently, Social Security benefits are subject to federal income tax. This means that as a person's income increases, a larger portion of their Social Security benefits are subject to taxation. Under the FairTax plan, there is no federal income tax. This means that Social Security benefits will not be subject to taxation. As a result, retirees will see an increase in their overall income. This is because they will receive their full Social Security benefits without any deductions for federal income tax. This increase in Social Security benefits will provide retirees with more money to spend on their needs and wants. This can help improve their quality of life and provide them with greater financial security in their retirement years. By eliminating federal income tax on Social Security benefits, the FairTax plan aims to reduce the financial burden on retirees and ensure that they can enjoy a comfortable retirement. This change will also simplify the tax system and make it easier for retirees to understand and plan for their financial future.- The increase in Social Security benefits under the FairTax plan is a key benefit that can help improve the lives of retirees and ensure that they have the financial resources they need to live comfortably in their retirement years.
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