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Wednesday May 04, 09:18
Social Security plan backed by Thomas
(by Olivia Cohen)

Social Security plan backed by Thomas

Bill Thomas, Chairman of House Ways and Means Committee, is considering a broader legislative package aimed at rescuing George W. Bush’s Social Security plan that is not supported by the majority of the Americans despite the 60 days, 60 stops campaign launched by the President.

The package includes new savings incentives and long-term health-care benefits. The plan would be backed by replacing at least part of the Social Security payroll tax with some form of consumption tax, according to Bloomberg.

Earlier, the plan was opposed by the Democrats who claimed that personal accounts must be taken off the table before they’ll even consider compromising.

``A consumption tax could conceivably have legs,’’ said Representative Phil English, a Pennsylvania Republican.

``Bill Thomas doesn’t talk to me, but if you read between the lines he’s probably going to come up with something out of left field on Social Security and retirement security,’’ said Representative Rahm Emanuel, an Illinois Democrat close to Thomas.

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