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In a long, detailed, entitlement reform paper at Newt.org, Gingrich in fact proposes eventually expanding such accounts ultimately to finance all the benefits now financed by the payroll tax, with the accounts finally displacing the payroll tax entirely with a personal, family wealth engine instead.
FORBES: Gingrich Schools Santorum And Romney On Social Security
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To avoid this, Mr Bush wants to create private accounts: workers would put some of their payroll taxes into personal accounts that would be theirs on retirement.
ECONOMIST: Holding the line? | The
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Among the highest income one percent, the payroll tax cut accounts for only about 0.1 of a point of that total 4.5 percent increase.
FORBES: The Fiscal Cliff Deal In One Picture