Under Social Security privatization, workers would elect to divert part of
their Social Security taxes into private investment accounts, in exchange for
a reduction in their guaranteed benefits. Although details vary between plans,
most would allow workers to divert from two to four percentage points of their
taxable income into an account (workers currently pay 6.2 percent of income
up to $90,000, employers pay an equal amount).
More details available here:
The President's Plan
Other private account plans
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