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HRD-81-112 1 (1981-09-24)

handle is hein.gao/gaobabcla0001 and id is 1 raw text is: 




REPORT BY THE U.S.



General Accounting Office


Delays In Receiving And Investing Taxes

Are Reducing Railroad Retirement

Program Interest Income


Under the railroad retirement program, em-
ployers are required to deposit retirement
taxes monthly, instead of semimonthly, bi-
weekly, or even more frequently as is the case
for social security taxes. In fiscal year 1980,
the railroad retirement program could have
earned about $25.9 million in additional
interest income if railroad employers were
required to deposit retirement taxes as fre-
quently as other employers deposit social
security taxes and such taxes began earning
interest as soon as collected.

The Secretary of the Treasury should require
more frequent deposit of railroad retirement
taxes. Also, Treasury   and   the  Railroad
Retirement Board should look into ways to
reduce delays in investing railroad retirement
taxes to increase the railroad retirement pro-
gram's interest income,















   Iccouls
           ~ S22


116411


      HR D-81-112
SEPTEMBER 24, 1981


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