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| December 24, 2004 |
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Bush rules out payroll tax hike in Social Security overhaul
WHITE HOUSE President Bush is ruling out a payroll tax increase to help pay for his overhaul of Social Security. The president has made that overhaul a top second-term priority. He wants to partially privatize the system by letting workers divert tax money into investment accounts. He says it's needed to save Social Security from bankruptcy.But experts estimate the transition cost could be upwards of two (t) trillion dollars.During a White House meeting with Social Security's trustees, Bush refused to commit to a specific means of paying that cost. But he ruled out a tax hike.Aides have suggested some or all of the cash could simply be borrowed -- despite record deficits. They say it's better than doing nothing, which could cost some eleven (t) trillion dollars as Baby Boomers retire.
Copyright 2004 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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