Financial Disparity Quotes
At the time there were tax breaks for large yachts but not for small boats that a middle class person might own. It was another example of the tax laws at the time where the poor paid only Social Security taxes, and the rich lobbied for an got very large tax breaks and subsidies and hence the burden was carried by an increasingly stressed middle class and by cuts in services to the needy. The companies that made the yachts also supported the tax breaks as did the unions and workers in the industry. See {624985}. .
Most people who hear this quote for the first time assume that it originates with some radical socialist of the 1930s. However it came from a President of the United States and a Republican President at that. Few scholars will place this quotation correctly.