🚀 go-pugleaf

In ca.general Merlin Dorfman <dorfman@green.rahul.net> wrote:
> In ca.general Gunner <gunner@lightspeed.net> wrote:
>> On Sun, 26 Jun 2005 21:07:17 +0000 (UTC), Merlin Dorfman
>> <dorfman@green.rahul.net> wrote:

> ..

>>>> Btw...being allowed to put 3-4% of your social security funds in a
>>>> private account is hardly "destroying the system"
>>>
>>>    It's not 3-4% of "your" Social Security funds, it's 1/3.  You
>>>see, Social Security is about 12% of "your" funds (6% from you and
>>>6% from your employer, unless you happen to be self-employed, in
>>>which case you have the honor to put the entire 12% in yourself.).
>>>    So 3% of "your" funds would be 1/4 of Social Security, and 4%
>>>would be 1/3 of Social Security.

>> Please provide a citation to your claim.
>> No blogs allowed.

>      A quick search didn't turn up Bush's exact proposal--can
> you find it?  <http://www.factcheck.org/article305.html> kind of
> dances around the subject.
>      If it were 3-4% of the entire Social Security intake, I 
> don't think it would raise nearly the objections it has...and
> it wouldn't increase anybody's nest egg any more either.
>      I'll look some more for the exact proposal later...BTW
> read about "clawback" in the cited article, the government is
> going to charge you for the privilege of a private account.

     Following up my own post  :-)
     From the CBS News web site:
"Amounts That Could Be Contributed

Workers could divert about two-thirds of their retirement taxes into 
personal accounts - as much as 4 percentage points of the 6.2 percent 
in individual withholding - but they would be guaranteed fewer benefits. 

For the first year, the total could not exceed $1,000. This cap would 
rise by $100 a year. Eventually, there would be no cap, beyond the 4 
percentage point limitation. 

Currently, Social Security taxes reach a ceiling when and if a worker 
reaches $90,000 of income."

     This is on a Javascript popup window, so I can't give you an
exact URL, but if you go to 
<http://www.cbsnews.com/stories/2005/06/21/politics/main703360_page2.shtml>
and click on "Interactive--Social Security" on the right opposite
the first paragraph of the story, then on "Making Change: the Bush
Proposal," then on "Amounts that could be contributed," you will see
the above.