The current one has phase-outs to provide the bulk of the money to households of low and moderate income.

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But we should also suspend and dismantle the Affordable Care Act, phase out our current domestic labor laws and entitlement programs and the bulk of our regulatory framework, and simplify our tax code.

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The bulk of Mr Osborne's plans will not be announced until November in the second phase of the government's growth review.

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Given that perspective, why shouldn't we phase in a new Social Security system for younger people, in which the bulk of their payroll taxes would go to their own retirement accounts?

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