In our personal ambitions we are individualists. But in our seeking for economic and political progress as a nation, we all go up or else all go down as one people.

For too many of us the political equality we once had won was meaningless in the face of economic inequality.

A dark old world was devastated by wars between conflicting religions. A dark modern world faces wars between conflicting economic and political fanaticisms in which are intertwined race hatreds.

There is a solidarity and interdependence about the modern world, both technically and morally, which makes it impossible for any nation completely to isolate itself from economic and political upheavals in the rest of the world.

Our revenue laws have operated in many ways to the unfair advantage of the few, and they have done little to prevent an unjust concentration of wealth and economic power.

Income was wisely chosen as the measure of benefits and of ability to pay. This was, and still is, a wholesome guide for national policy.