Feb 15, 2024
Created a safety net for retirees and shaped the modern US welfare state, with ongoing debates about its financial sustainability.
Significance
- Established a major new entitlement program, significantly increasing federal spending.
- Introduced payroll taxes to fund Social Security program for retirement benefits.
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Feb 15, 2024
Enabled fiscal interventions during the Great Depression but raised concerns about monetary responsibility.
Significance
- Potential for inflation without gold-backed currency.
- Increased government flexibility in managing the money supply and interest rates.
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Feb 15, 2024
Comprehensive set of programs and reforms proposed by President Franklin D. Roosevelt to address the Great Depression.
Significance
- Increased federal spending on various programs, leading to higher taxes to fund them, shaping the debate on government role and taxation.
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Feb 14, 2024
Increased income tax rates significantly, targeting high earners, to fund New Deal programs during the Great Depression.
Significance
- Marked a shift towards using tax policy for social welfare, wealth redistribution and fiscal stability.
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Feb 14, 2024
Ratified amendment to the Constitution authorizing Congress to levy an income tax without apportioning.
Significance
- Established the income tax as a permanent source of federal revenue, contributing to broader social programs and government spending.
- Ability to tax progressively “without apportionment” to the states
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