Social Security Alternative Voluntary Expenditure Act of 2004 - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act to authorize individuals eligible for OASDI benefits to elect to waive payment of all benefits based on their wages and self-employment income.
Amends the Internal Revenue Code to allow a deduction of 20 percent of the actuarial present value of future benefits foregone by reason of such an election. Provides a tax deduction, as well, for the divorced spouse of an individual making a waiver under this Act.
Amends SSA title II to require special Government obligations issued for purchase by the social security trust funds to bear interest at the average market yield then prevailing for comparable obligations issued in the private sector.
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