Partial Privatization of Social Security
Partial Privatization of Social Security
Social Security is funded through a payroll tax paid equally by employees and employers. It is funded by the Federal Insurance Contributions Act, better known as FICA. Depending on whom you ask, the program needs a little help, is in trouble, or is about to go bankrupt. President Bush has said the fund is “on the way to bankruptcy” and has proposed allowing employees to take a percentage of the FICA tax and put it into private investment accounts. Democrats oppose it for the most part, while most Republicans favor some form of it.
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Candidate Responses
Opposes Bush plan allowing workers to divert some Social Security payroll taxes into private retirement accounts. He proposes cutting payroll taxes and letting workers invest that money themselves
