IRS--Losing Track Of America's Retirement Security?

Thursday, March 1, 2001

ck OF America’s Retirement Security? CNAPSA)—The Internal Revenue Service (RS) has no idea how reuch it collects each year in Social Security and payroll taxes, according toa report issued by Senator Fred Thompson (R-TN) and the Senate Governmental Affairs Coramittee. The report calls the TRS accounting debacle one of the “top ten” worst examples of government mismanagement. “Imagine calling the company that manages your 401(k) or IRA and asking ther for your account balance and them telling you they had no idea. You would most likely be outraged. Yet thefederal government, which purports to ‘save’ money forAmericans’ retirement cannot even keep its books straight,” said Charles Hardin, President of the non-profit Council for Government Reform. “The fact that payroll taxes come in willy-nilly and unknown to the TRS only compounds the fiction that America’s retirement is safe with politicians.” President Bush’s Commission to Strengthen Social Security will develop a planto allow individuals to save for their retirement in an individually owned personal retirement account. The Council for Government Reform has long championed the idea of personal retirement accounts as a solution to Social Security’s long-term funding Crisis. For more information on CGR and personal retirement acccounts visit www.govreform.org or send a self-addressed stamped envelope and $1 to CGR, Dept. NOO2, 3124 North 10th Street, Arlington, VA 22201.

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