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McCain declined to say whether he would endorse a similar package, or a higher retirement age or other suggestions that have been made. "I cannot tell you what I would do," he said, "except to put everything on the table. Because as soon as I say
'This is what would be my requirement,' then you get into a huge fight and you get all the special interests involved. I would put everything on the table." In 2005, President Bush proposed a partial privatization of Social Security in which some of a worker's payroll taxes would go into an investment account that would follow the worker into retirement. It proved unpopular with the public and Congress, then controlled by Republicans, set it aside. McCain's Democratic rival, Barack Obama, has suggested a tax on high-earning workers to boost Social Security's long-term health. Currently, wages up to $102,000 a year are subject to a 12 percent payroll tax, which is evenly split between workers and their employers. Obama has suggested a new Social Security tax on all income above $250,000. He said he would work with Democrats and Republicans in Congress to work out the details of a plan to revamp the program. ___ On the Net: McCain: http://www.johnmccain.com/
[Associated
Press;
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