GAO Report on SS Reform Options

On May 6 the Government Accountability Office sent a letter to Ways and Means Chair Bill Thomas (R-CA) on Social Security reform options. The report provides a list of various reform options, each of which has been scored by the Social Security Administration's Office of the Chief Actuary. The list reflects all provisions that have appeared in SSA proposals in the last few years, and it includes policies that rely on modifying benefits, raising taxes, or overhauling the program to include either payroll tax-funded individual investment accounts or "add-on" accounts financed outside of payroll taxes. The Ways and Means Committee will be further exploring Social Security reform in hearings in the near future. Although others in his party are wary, Thomas wants to push ahead with work on legislation in June.
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