August 14, 2012

A PLAN W WON ON TWICE:

Ryan's controversial Social Security plan he doesn't discuss (Tami Luhby, August 14, 2012, CNNMoney) 

Representative Paul Ryan has long wanted to let Americans invest part of their Social Security taxes in private investment accounts.

After legislation he co-sponsored in 2005 went nowhere, Ryan included a detailed plan to privatize Social Security in his budget proposal in 2010. Under that plan, he would allow workers to funnel an average of roughly 40% of their payroll taxes into personal retirement accounts.

Mitt Romney, who chose the Wisconsin lawmaker as his running mate on Saturday, has also voiced support for private accounts. He has said he likes the idea of allowing people to put some of their funds in accounts with higher returns than Social Security.

"Personal accounts will be a big plus," Romney said at a town hall meeting in 2007.

The thinking is that people would gain control over a portion of their retirement savings and be able to build bigger nest eggs by investing in stocks. Another plus: They could pass the accounts along to heirs.

Posted by at August 14, 2012 3:02 PM
  

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