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| The 6.2 Percent Solution: a Plan for Reforming Social Security Cato Institute  Feb. 17, 2004 Excerpt: Under this proposal: Individuals would be allowed to divert their half (6.2 percentage points) of the payroll tax to individually owned, privately invested accounts. Those who chose to do so would agree to forgo all future accrual of retirement benefits under the traditional Social Security system. The remaining 6.2 percentage points of payroll taxes would be used to pay transition costs and to fund disability and survivors' benefits. |
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