Word: pay
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Dates: during 1930-1939
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...current expenses, and fills his hope chest with notes payable by himself to himself. Up to the first of this year, they had laid by $1,131,000,000 in Social Security's old age reserve fund which invested it in the people's own promises to pay (U. S. bonds and Treasury notes...
This would amount to putting Social Security largely on a collect-as-you-pay basis. Henry Morgenthau warned that the change may well mean higher payroll taxes than those now planned to peak at 3% each on employes and employers in 1949. To even matters up he took another suggestion of the Advisory Council, advised that at some future date the U. S. Government should share the burden with employers and employes; that is, meet part of the expense by indirect rather than direct taxes on prospective beneficiaries...
...total taxes all but swallowing their net income (but not exceeding it, as newspapers reported last week). In New York, for example (which has a State tax graduated up to 7% plus a 1% emergency tax), a $500,000-a-year man in a war year would have to pay Federal and State income taxes totaling $486,677. On $1,000,000, taxes would...
...State & municipal officials (at the same time suggesting reciprocal tax powers for the States), he was primarily seeking new sources of Federal revenue. The way to such a source was apparently opened last year by the Supreme Court's ruling that the U. S. might tax the pay of employes of the Port of New York Authority and similar quasi-public bodies (TIME, June...
Justices Black and Stone, in separate opinions, found nothing in the U. S. Constitution to render Federal salaries immune. In a concurring opinion, Justice Frankfurter observed: "Whether Congress may, by express legislation, relieve its functionaries from their civic obligations to pay the benefits of the State governments under which they live, is matter for another...