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Franklin D. Roosevelt (view source)
Revision as of 21:10, September 7, 2007
, 21:10, September 7, 2007Economic growth
[[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>
[[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>
===Economic growth===
New capital made available for investment amounted to $348,000,000 in 1935. This was less than 1/10th of the amount available in 1929. By contrast, the British economy had nearly recovered to its 1929 levels by 1935, and tha amount available for investment was almost twice as much as the United States.
{| style="background:white; color:blue" border="1" class="wikitable"
|-
! Year
! United States <ref>Standard Statistics Co., ''New
Honey for Operating and Producing.''</ref>
! Great Britain <ref>Midland Bank, London, ''New
Issues for British Companies,'' converted from £ to $ at $4.8665.</ref>
|-
| 1927
| $3,201,000,000
| $710,509,000
|-
| 1928
| 3,062,000,000
| 983,033,000
|-
| 1929
| 3,668,000,000
| 759,174,000
|-
| 1930
| 3,039,000,000
| 394,186,500
|-
| 1931
| 1,006,000,000
| 155,728,000
|-
| 1932
| 321,000,000
| 248,191,500
|-
| 1933
| 177,000,000
| 296,856,500
|-
| 1934
| 356,000,000
| 350,388,000
|-
| 1935
| 348,000,000
| 666,710,500
|-
|}
===Congress of Industrial Organizations===
===Congress of Industrial Organizations===