asv108's Journal: Private Investment Accounts and Social Security

Today, president Bush outlined some of the initiatives he will push in his second term. In keeping with the last four years, he started out by saying that he was going to unite the nation and then proceeded to lay out some far right initiatives for the next four years.

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I have yet to see how private accounts would work

[John Harrison]

If someone would explain the details of this private account thing to me and show me the numbers I would feel better about it. I think that lots of Wall Street types see the amount of money that goes into SS and get dollar signs in their eyes. The plan doesn't have to make sense, they just have to manage to sell it.

What I don't understand is why the payroll tax is regressive? Why the cutoff around $80k? Strike me as a burden on the poor. Maybe there is some way to get rid of the limit and then make t