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Proposals
| Bush Plan |
Presidential Commission (Plan 2) |
Diamond/ Orszag |
Graham | TASS | TASS Plan 2 |
|
| Privatization | Optional | Optional | No | Optional | Optional | Mandatory/1/ |
| Max Percent of Payroll | 4% | 4% | 4% | 6.2% | variable/1/ | |
| Add'l Effect on SS Benefit | Unstated | Yes | Yes | No | No | |
| Benefit Changes | ||||||
| PIA Calculation | Unstated | Yes | Yes | Yes | No | Yes |
| COLA Calculation | Unstated | No | DI only | No | No | No |
| Basis Years Worked | Unstated | No | No | No | No | Yes |
| Wage Based Benefit | Unstated | Yes | Yes | Yes | Yes | No |
| Normal Retirement Age | Unstated | No | No | No | Yes | Yes |
| Survivor Benefits | Unstated | 75% | 75% | 75% | 100% | 100% |
| Low Wage Benefits | Unstated | Yes | Yes | Yes | Yes | N/A |
| Revenue Changes | ||||||
| Non-FICA Tax Changes | No | No | No | No | Yes (optional) | Yes (Optional) |
| FICA Rate Changed | No | No | Yes | Yes | Yes (Temp) |
Yes (Temp) |
| Salary Cap Changed | Unstated | No | Yes | No | Yes | Yes |
More About Proposals:
Bush Plan
President's Commission (Plan 2)
Truth About Social Security (TASS)
Truth About Social Security (TASS) Plan 2
Footnotes:
1. The plan contains a common trust fund for Tier 1 Benefits (120% of poverty) with a mandatory private account as a second tier. The percentage allocated to the common fund is the percentage of total SS tax revenues necessary to actarial fund future liabilities, the balance is placed in the private account.
©Copyright 2004, 2005, Michael Rosenberg. All rights reserved.