US Treasury Secretary John Snow said on Friday that he would not raise the payroll tax. "The President has said we will not raise the payroll tax" Snow said, "beyond that, everything is on the table." In addition, Snow reiterated the President's pledge not to reduce payroll benefits for people aged 55 or older. As part of its plan, the Bush administration is proposing a set of personal retirement accounts to supplement traditional Social Security.

Snow was in New York to discuss a proposed overhaul of the Social Security system with Wall Street executives.

Copyright Reuters, 2005