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The Potters Herald
East Liverpool, Columbiana County, Ohio
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President Roosevelt reluctantly signed a bill freezing the social security payroll tax at 1% for another year, postponing the scheduled 2% increase despite his support for it. He plans to propose a comprehensive improvement plan soon; organized labor opposed the measure.
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Tax Freeze Bill
New Social Security
Plan Promised By FDR
Washington, D. C. (ILNS). - The fight against the bill to freeze the social security payroll tax at 1 per cent for the coming year was lost as President Roosevelt signed the measure, which he said he did "reluctantly."
In signing the bill, the President reiterated his support of the scheduled rate increase in the law to 2 per cent and emphasized that the action of Congress had merely put off necessary financing arrangements for another year.
"I have felt in the past and I still feel," Roosevelt said, "that the scheduled rate increase which has been repeatedly postponed by Congress should be permitted to go into effect. The long-run financial requirements of the social security system justify adherence to the scheduled increase, and the increase was consistent with wartime fiscal requirements."
The President said that at "an early date" he planned to submit to Congress "a comprehensive plan for broadening and improving the social security system."
Organized labor opposed freezing of the tax and President Green of the AFL told Congress that American workers "want a sound social insurance program and they are willing to help meet its costs through adequate payroll deductions."
The bill to freeze the tax another year was passed by large majorities in House and Senate.
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Domestic News Details
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Washington, D. C.
Key Persons
Outcome
bill signed freezing social security payroll tax at 1 per cent for another year; postpones scheduled increase to 2 per cent; passed by large majorities in house and senate.
Event Details
President Roosevelt signed a bill freezing the social security payroll tax at 1 per cent for the coming year, which he did reluctantly. He reiterated support for the scheduled increase to 2 per cent, stating it was justified for the system's financial requirements and wartime fiscal needs. He plans to submit a comprehensive plan to broaden and improve the social security system at an early date. Organized labor opposed the freeze.