Payroll tax takes a holiday — and could doom Social Security
FDR signing the Social Security Act in 1935
Public trustee bemoans break with historic self-financed structure
President Franklin D. Roosevelt must be rolling in his grave. When FDR signed the Social Security Act into law in 1935, he emphasized that the system would be financed by workers' contributions, not by general tax revenues.
“We put those payroll contributions there so as to give the contribut
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