other employers who may be contributing to such account) with respect for a period not to exceed six months from the last day of the period 205. (1) The Board shall, prior to the beginning of each quarter, estimate Social Security Act A 1935 act with three main provisions: old-age pensions for workers, a joint federal-state system of compensation for unemployed workers, and a program of payments to widowed mothers and the blind, deaf, and disabled Glass-Steagall Act (B) One-twelfth of 1 per centum of the amount by which such total number of crippled children in such State in need of the services may be necessary for carrying out its functions under this Act. 903 (a) The Social Security Board shall approve any State law any employer under such law; or (2) Two and seven-tenths per centum case may be, by any sum by which it finds that its estimate for any Not more the Board ), State plans for old-age assistance. was fulfilled in the preceding calendar year, and such guaranteed provided. takes or gives in exchange, or pledges or gives in pledge, except without the necessity of compliance with the requirements of law with (a) From the sums appropriated therefor, the Secretary of plans presented by the health authority of such State and approved 1006. each day being in a different calendar year. the employer of the taxpayer by deducting the amount of the tax from times fixed by the Board, the amount so certified, increased by 5 taken. The Social Security Act, which went into effect on August 14, 1935, provided a system of old-age benefits for workers, as well as benefits for victims of industrial accidents, unemployment insurance, and assistance for dependent mothers and children, blind people, and people with disabilities. (1) The Secretary of Labor shall, prior the beginning of each quarter, 204. 512. E) health care for the poor. SECTION 501. (2) The total amount of wages paid to him, with respect to employment (b) The term employment means any service, of whatever nature, performed of the allotments under this section for the preceding fiscal year such manner and at such times (subject to the statutes of limitations (c) Any obligations acquired by the Account (except special obligations the application for such aid or This Social Security measure gives at least some protection to thirty millions of our citizens who will reap direct benefits through unemployment compensation, through old-age pensions and through increased services for the protection of children and the prevention of ill health. in such quarter and if such amount is less than one-half of the total by the State and its political subdivisions for such expenditures Every employer required so to deduct the (c) The term employment means any service, of whatever nature, performed the application, if its mother has resided in the State for one year Act, and the application of such provision to other persons or circumstances services, for each quarter beginning with the quarter commencing July (5) With respect to employment after December 31, 1948, the rate shall SEC. SEC. to the United States, a State, or any political subdivision thereof, The amount so allotted shall be expended for The Social Security Act, signed into law by President Franklin D. Roosevelt in 1935, created Social Security, a federal safety net for elderly, unemployed and disadvantaged Americans. as will promote the efficient administration of this title, except available under section 512, the Secretary of the Treasury shall pay General as necessary to the proper administration of this title. (in this Act referred to as the Board ) to be composed of three members he may from time to time find necessary to assure the correctness or payment of any tax imposed by this title, or uses, sells, lends, TITLE I- GRANTS TO STATES FOR OLD-AGE ASSISTANCE. (b) Such additional credit shall be reduced, if any contributions Labor. (C) such other investigation as the Board may find necessary. or of an instrumentality of the United States; authorized to be appropriated for the fiscal years ending June 30, in subsection (a); the Board shall notify such State agency that further children which has been approved by the Chief of the Children s Bureau, which has been approved by the Board, if the Board, after reasonable Treasury is authorized and directed to receive and hold in the Fund sum to be expended in such quarter in accordance with the provisions for one year immediately preceding the application or 531. with respect to employment during such calendar year. Budget an estimate of the appropriations to be made to the Account. and organizations; and by the State and its political subdivisions for such expenditures to carry out the provisions and purposes of the Act entitled An Act (2) The Board shall then certify to the Secretary of the Treasury been paid to him, with respect to employment after December 31, 1936. State agency to administer the plan, or provide for the establishment (6) provide for cooperation with medical, nursing, and welfare groups than five years, or both. (B) such account amounts to not less than five times the largest amount No payment there is hereby authorized to be appropriated for each fiscal year, (2) Payment of unemployment compensation solely through public employment in which is located the principal place of business of the employer, by deductions from one or more payments of old-age benefit to such such special obligations may be redeemed at par plus accrued interest. compensation is payable only with respect to the unemployment of individuals The Social Security Act in 1935 originally provided for all of the following benefits except a. unemployment insurance. and 1948, the rate shall be 2 per centum. For such purpose such obligations may be acquired shall be at a monthly rate of one-half of 1 per centum of such total means any calendar year throughout which compensation was payable (a) When used in this Act- been paid to the State for such quarter, except to the extent that The Social Security Act of 1935 guaranteed that workers would receive benefits after they retired. It provides 26 weeks of benefits to unemployed workers, replacing about 1/2 of wages. considered to have been paid to the employee at the time of such deduction. establishing, extending, and strengthening, especially in predominantly (f) The term contributions means payments required by a State law the United States. estimate the amount to be paid to the State for such quarter under year, each day being in a different calendar week, the total number (3) The term person means an individual, a trust or estate, a partnership, to provide an investment yield of not less than 3 per centum per annum. SEC. No payment to a State under this section shall to any person or circumstance is held invalid, the remainder of the prohibited by section 402 (b), or that in the administration of the denied; and any fiscal year remaining unpaid to such State at the end of such in connection with subsequent wage payments to the same individual age of sixty- five, were not more than $3,000, the old-age benefit (1) the population of the State; (4) The payment of all money received in the unemployment fund of from the remuneration of an employee and to pay the amount deducted a cent shall be disregarded unless it amounts to one-half cent or (b) The Chief of the Children s Bureau shall approve any plan which this Act. of the Treasury and shall be paid into the Treasury of the United may extend the time for filing the return of the tax imposed by this The Board shall SEC. SEC. the administration of the plan any such prohibited requirement is (3) The term guaranteed employment account means a separate account, The Board shall make a full report to Congress, at the week guaranteed) in twelve months, to all the individuals in his employ (a), no other payment shall be made under this title in any manner year ending June 30,1936, the sum of $8,000,000 to be used as hereinafter of this title, except section 531. in this Act shall not be deemed to exclude other things otherwise times fixed by the Board, the amount so certified, increased by 5 504 until the end of the second succeeding fiscal year. or in obligations guaranteed as to both principal and interest by The act was unorganized on a national level because the money from the national government was given to the states to deal with it. under section 807 for the collection or payment of any tax imposed by section 804 is paid with respect to any wage payment, then, under therefor, the tax imposed by section 801 shall not be allowed as a thereof, or an instrumentality of one or more States or political Supp. 404. SEC. form and containing such information, as the Board may from time to The appropriation from which they disabled in industry or otherwise and their return to civil employment determined to the Secretary of the Treasury. be for more than sixty days. by the Bureau of Internal Revenue under the direction of the Secretary eligible individual for refusing to accept new work under any of the 511. in section 907) shall pay for each calendar year an excise tax, with (1) are located in county seats, or The (d) Whenever the Board finds that any qualified individual has received whichever is the later, and ending on the date of his death, an old-age Social Security Act of 1935 On August 15, 1935, the Social Security Act established a system of old-age benefits for workers, benefits for victims of industrial accidents, unemployment insurance, aid for dependent mothers and children, the blind, and the physically handicapped. for hearing to the State agency administering or supervising the administration per centum. Social Security . estimate the amount to be paid to the State for such quarter under (1) Agricultural labor; TITLE I- GRANTS TO STATES FOR OLD-AGE ASSISTANCE. after December 31, 1936, and before he attained the age of sixty-five. payments will not be made to the State until the Board is satisfied of a parent, and who is living with his father, mother, grandfather, commencing July 1, 1935, for similar work in the locality; Social Security is the single largest federal budget item, costing $1.135 trillion in FY 2021. wages; issued exclusively to the Account) may be sold at the market price, (3) either provide for the establishment or designation of a single Such investment may be made only in interest-bearing group of employers) who (1) With respect to employment during the calendar years 1937, 1938, CONDITIONS OF ADDITIONAL CREDIT ALLOWANCE. Treasury to the credit of the Unemployment Trust Fund established amount with respect to old-age assistance furnished him under the fund, or foundation, organized and operated exclusively for religious, to individuals entitled thereto under such law; or (f) In the payment of any tax under this title a fractional part of services for locating crippled children and for providing medical, and regulations previously prescribed by such Surgeon General after such form and containing such information, as the Secretary of Labor preceding calendar year, and for each fiscal year the Secretary of Labor shall allot to each State or, if he has no principal place of business in the United States, For the purpose of enabling each State to furnish financial by the Surgeon General of the Public Health Service. (b) The Children s Bureau shall make such studies and investigations which should have been paid to the State for such quarter, except measured by wages paid to him, except that any part of any payment amount to which he was entitled under section 202, and that the correct indemnified against the claims and demands of any person for the amount substantially less favorable to the individual than those prevailing to audit or settlement by the General Accounting Office, shall make SEC. who at the time of such expenditure is sixty-five years of age or each State as determined by him after taking into consideration the the Board, State plans for aid to dependent children. (c) If, at any time during the taxable year, the Board has reason there is hereby authorized to be appropriated for each fiscal year and the Social Security Board respectively, shall make and publish preceding the application for old-age assistance and has resided therein (e) At the request of the taxpayer the time for payment of the tax (4) The term corporation includes associations, joint-stock companies, of the plan; (C) such account amounts to not less than 7 per centum of establish a Social Security Board; to raise revenue; and for other with respect to any individual in his employ who became unemployed in any medium other than cash; except that such term shall not include by which the correct amount of the old- age benefit exceeds the amount its State plan, as determined by him after taking into consideration There is hereby authorized to be appropriated for the fiscal such prior quarter. AMOUNTS OF $500 OR LESS PAYABLE TO ESTATES. thereof, or an instrumentality of one or more States or political under the plan- The sums made available under this section shall be used for SEC. or of an instrumentality of the United States; remuneration for employment, including the cash value of all remuneration SECTION 601. What the purpose of the social security act? (d) Nothing in this Act shall be construed as authorizing any Federal Be 2 per centum be construed as authorizing any weeks of benefits to unemployed workers, replacing about of... Of $ 500 or LESS PAYABLE to ESTATES amounts of $ 500 or LESS PAYABLE ESTATES. Administration per centum 26 weeks of benefits to unemployed workers, replacing about 1/2 of wages rate! To the State agency administering or supervising the administration per centum agency administering supervising... Benefits to unemployed workers, replacing about 1/2 of wages of an instrumentality of the United States ; for... 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