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January 05, 2005
Details of Possible Social Security Plan Emerge

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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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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