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McCain Update...
November 03rd 12:47:41 AM
Looks like a little later in the campaign he did come out with a plan for personal accounts:
"January 13, 2000
On Tuesday, presidential candidate Sen. John McCain (R-AZ) released details on his tax plan. In it, McCain pledged to pass Social Security reform incorporating personal retirement accounts within his first year in office.
The base of the McCain Social Security plan is the so-called 'lock-box,' a pledge to dedicate all Social Security payroll tax surpluses to debt reduction (rather than spending them on general expenditures, which is the current practice). This would retire approximately $2 trillion in public debt over the next ten years. McCain goes beyond the lock-box by pledging to dedicate 62 percent of 'on-budget' (general revenue) surpluses to Social Security as well. This would entail retiring an additional $729 billion in public debt, which would be credited to the Trust Fund.
While McCain did not reveal full plans for personal retirement accounts, he reiterated his pledge to allow workers to invest at least 20 percent of their payroll taxes in the market:
'In order to save Social Security without breaking our promise to seniors or the backs of our children with higher payroll taxes, we must allow every working American to invest some of their Social Security payroll taxes, privately, in higher yielding accounts. The increased return on retirement savings would provide greater levels of retirement income for every worker and relieve the need for any further increases in the Social Security payroll tax while protecting all retirees.'"
More to come...
Posted by Chris Schrimpf
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