Growing Real Ownership for Workers Act of 2005 - Amends title II (Old Age, Survivors and Disability Insurance) to add a new part B (GROW Accounts Program) under which a GROW Accounts Board shall establish a GROW account for each participating individual.
Directs the Secretary of the Treasury, during each calendar year, to transfer to the Board for deposit into an interim fund, amounts equal in the aggregate to 100% of the net OASDI Trust Fund surplus for such calendar year.
Requires the interim fund to be invested by the Board in marketable Government Securities.
Provides for distributions of an account balance at retirement and treatment of part A (Old Age, Survivors, and Disability Insurance) benefit payments.
Amends the Internal Revenue Code to: (1) exempt all GROW accounts from federal taxes; (2) make account distributions taxable as Social Security benefits; and (3) exempt assets of GROW accounts from the estate tax.