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The Current Tax Payment Act of 1943, Pub. L. 68, Ch. 120, 57 Stat. 126 (June 9, 1943), re-introduced the requirement to withhold income tax in the United States. Tax withholding had been introduced in the Tariff Act of 1913 but repealed by the Income Tax Act of 1916. The Current Tax Payment Act compelled employers to withhold federal income ...
The Defense Plant Corporation (DPC), was an American subsidiary of the Reconstruction Finance Corporation, a government corporation run by the United States federal government between 1940 and 1945. To win World War II the United States and its Allied Nations needed massive war production .
As Governor of New York, Franklin D. Roosevelt had campaigned for the Presidency, in part, on a pledge to balance the federal budget. [4] [5] On March 10, 1933, six days after his inauguration, Roosevelt submitted legislation to Congress which would cut $500 million ($8.181 billion in 2009 dollars) from the $3.6 billion federal budget by eliminating government agencies, reducing the pay of ...
Historically, soldiers serving overseas had been paid in local currency rather than in their "home" currency. [1] Most cash drawn by soldiers would go directly into the local economy, and in a damaged economy the effects of a hard currency such as the dollar circulating freely alongside weaker local currencies could be very problematic, risking severe inflation.
This proved inadequate in 1938, when a large share of Mefo's five-year promissory notes fell due, so the government employed "highly dubious methods" where "banks were forced to buy government bonds, and the government took money from savings accounts and insurance companies" in order to pay the holders of Mefo bills, due mainly to a serious ...
The Mustering-out Payment Act is a United States federal law passed in 1944. [1] It provided money to servicemen , returning from the Second World War , to help them restart their lives as civilians.
The act awarded veterans additional pay in various forms, with only limited payments available in the short term. The value of each veteran's "credit" was based on each recipient's service in the United States Armed Forces between April 5, 1917, and July 1, 1919, with $1.00 awarded for each day served in the United States and $1.25 for each day served abroad.
The Office of Economic Stabilization was established within the United States Office for Emergency Management on October 3, 1942, pursuant to the Stabilization Act of 1942, as a means to control inflation during World War II through regulations on price, wage, and salary increases. [1]