AMERICAN TAX BILL
A PROVISION ELIMINATED.
(United Press Assn.—Telegraph Copyright.) (Rec. 5.5 p.m.) Washington, August 12. Responding to a popular protest the Senate Finance Committee reversed its previous decision to-day and eliminated increased levies on citizens with small means.
The Social Security Bill recently passed by the United States Congress authorized the creation of a nation-wide old age pension fund by levying a 3 per cent, tax on employers and employees against the salaries of workers up to 3000 dollars a year. This fund was estimated by 1980 to reach 50.000.000.000 dollars and was expected to provide pensions for retired workers of 65 and over of up to 85 dollars a month. Supplementing this, the Federal Government would offer grants ot 15 dollars a month to be matched by the states for all needy and aged not taken care of under the contributory system. Similar grants would be made for the blind, regardless of age.
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Southland Times, Issue 25362, 14 August 1935, Page 7
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155AMERICAN TAX BILL Southland Times, Issue 25362, 14 August 1935, Page 7
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