So we're talking about two issues here: the federal income tax code and financing Social Security.

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This is the usual practice in financing Social Security benefits when there is a cash flow shortfall in Social Security.

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That is a huge sum, roughly enough to eliminate the financing gap in the Social Security programme without any other changes.

ECONOMIST: Social Security reform

Our problem is that our revenue has dropped down to between 15 and 16 percent -- far lower than it has been historically, certainly far lower than it was under Ronald Reagan -- at the same time as our health care costs have surged, and our demographics mean that there is more and more pressure being placed on financing our Medicare, Medicaid and Social Security programs.

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Any plan for personal accounts for Social Security involves a transition financing issue.

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He proposes tax cuts that are modest by Republican standards, more than half of them targeted on the poorest taxpayers, and wants most of the budget surplus to go on financing the transition costs of reforming the Social Security (public pensions) system.

ECONOMIST: Not least his own party

With the shift from defined-benefit plans to defined-contribution plans, and the uncertain future of social security, boomers are on their own when it comes to financing retirement.

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