Show I I Welfare Took 1 10 I Per Cent of GNP I Old a acquaintances c qua 1 n tan c e s wont won't be forgot in 1960 as the rate of tax for Old Old Age Age Survivors' Survivors and Disability Insurance reaches its new and greatest height accordIng according according ac ac- ac- ac cording to Tax on Inc A 3 per cent rate to be paid b by both employer and employee on the first of income I has since January 3 I replaced the former 2 4 per cent rate Alta estimated 75 million persons w will U be affected by the rise The new rate rale reflects the vast growth and scope of the Federal Federal Fed Fed- eral governments government's insurance in 1937 More and more elderly persons are re drawing more liberalized liberalized lib lib- liberalized benefits so much so that payments have exceeded receipts for the past few years Application of the new ne rate is calculated to bring payments and receipts more nearly even In fiscal 1937 when taxes were first collected receipts receipts receipts re re- re- re amounted to million Receipts last year 1959 were 85 billion It is estimated that more moie I than billion will be paid from various trust funds and and Federal appropriations in fiscal 1960 for benefits and services to the aged It is estimated that more than billion has b baen en paid to beneficiaries since J Jan n. n 1940 The upward trend of spending spend spend- ing and ing-and and taxing taxing for for social welfare welfare wel- wel fare programs is also reflected in a recent compilation by the U. U S. S Department of Health Education Education Ed Ed- and Welfare It shows that spending in fiscal 1958 latest latest la la- test year available for all social social so so- cial welfare programs amount amount- amounted ed cd to 44 14 billion or more than ten per cent of the then gross national product billion The previous fiscal year car it was wa 88 per cent of GNP |