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Franklin D. Roosevelt (view source)
Revision as of 19:33, September 7, 2007
, 19:33, September 7, 2007→First Term: taxation
===Social Security===
===Social Security===
An Old Age Social Security Bill was passed during his first term which provided for workers who reach the age of 65 a pension of $8 a week at most. The plan had to be pushed through against his procrastination until finally in the 1934 congressional elections the Republicans denounced him for his tardiness. When he did finally consent to a bill, it contained a plan for building a huge reserve fund that would extract billions from the workers' payrolls without any adequate return. Over the protest of the President, the Congress finally took that provision proposed by Roosevelt out of the law. <ref> ''Roosevelt Myth'', Book 3, Chapter 14, [http://www.rooseveltmyth.com/book/fdrmyth_Chapter_Fifteen___The_Roosevelt_.htm ''The Roosevelt Myth''], John T. Flynn, Fox and Wilkes, 1948.</ref>
An Old Age Social Security Bill was passed during his first term which provided for workers who reach the age of 65 a pension of $8 a week at most. The plan had to be pushed through against his procrastination until finally in the 1934 congressional elections the Republicans denounced him for his tardiness. When he did finally consent to a bill, it contained a plan for building a huge reserve fund that would extract billions from the workers' payrolls without any adequate return. Over the protest of the President, the Congress finally took that provision proposed by Roosevelt out of the law. <ref> ''Roosevelt Myth'', Book 3, Chapter 14, [http://www.rooseveltmyth.com/book/fdrmyth_Chapter_Fifteen___The_Roosevelt_.htm ''The Roosevelt Myth''], John T. Flynn, Fox and Wilkes, 1948.</ref>
===Taxation===
FDR, in a letter to journalist Roy W. Howard, wrote,
:"What is known as consumer taxes, namely the invisible taxes paid by people in every walk of life, fall relatively much more heavily upon the poor man than on the rich man." <ref>Franklin D. Roosevelt, letter to Roy W. Howard, September 2, 1935. </ref>
[[Robert H. Jackson]], then seving as Treasury Dept. General Counsel, observed in Congressional testimony that in 1930, "we find those taxes bearing most heavily on the well-to-do contributed 68% per cent of the government's total internal revenue and customs receipts, while miscellaneous taxes and customs receipts, bearing most heavily upon the consumer contributed only 31.8% ... In 1935 the taxes based on ability to pay contributed 38.7% . . . there has been an increase in the proportion of revenues contributed by taxes on consumption to 61.3%."<ref>Testimony of Robert Jackson, Assistant General Counsel, Treasury Department, Committee on Finance, U . S. Senate, August 6, 1985.</ref>