Comparative Tax Burdens in America and Britain

Archive Report

Bonus Payments, Government Credit, and New Taxes

By Deciding to take the unprecedented step of going in person to the Capitol to return the bill for cash payment of the bonus and inform Congress of his reasons for vetoing it, President Roosevelt indicated the serious view which he held of making this huge extra-budgetary expenditure by inflationary methods. If the veto should be sustained, and if Congress should then pass a bill for bonus payment without the greenback feature of the Patman measure, it is still believed that the President would refuse to grant his approval unless provision were made for levying of additional taxes. The administration's concern about this matter was plainly disclosed on April 23, 1935, when Secretary of the Treasury Morgenthau warned ...

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