Final answer:
President Franklin D. Roosevelt's plan to raise taxes was based on the need for federal to fund government programs during the Great Depression and subsequent war efforts. The plan encountered resistance from Congress due to concerns over investment and political repercussions, resulting in a compromise where about 45 percent of WWII costs were covered by taxes, and the rest by borrowing.
Step-by-step explanation:
President Franklin D. Roosevelt believed in various forms of government intervention and regulation to address the challenges during the era of the Great Depression and World War II. His taxation plan was built on the need for federal revenue to fund ambitious projects, such as public works and social security, and later, to support the wartime economy. Roosevelt's approach to taxation was guided by a desire to avoid excessive borrowing, which he feared could have dire economic consequences. However, his proposals for steeper tax increases met resistance from many conservative members in the House of Representatives and the Senate, largely due to political considerations and the impact on investment. Ultimately, corporate and personal income taxes ended up financing about 45 percent of the war's cost, with the government borrowing the majority of the remaining funds needed.
Amidst political debate and pushback, the challenges of financing the New Deal programs and the wartime economy were significant concerns for Roosevelt's administration. While he managed to implement tax increases, the balance between taxation and borrowing remained a contentious issue throughout his presidency.