The Bush administration is considering a plan that would allow younger workers
to divert 4 percentage points of their payroll taxes in private accounts, the
Associated Press reports.
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Get Your Report Now!The remaining 2.2 percentage points of workers' tax contributions for Social Security would go to the current system. The plan would limit contributions to
private accounts to $1,000 to $1,300 a year, the AP notes.
President Bush contends the current Social Security system needs to be changed,
but critics say that Bush is overstating the case when he argues the current
system is in crisis.
Bush is expected to unveil his plan in February.
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