The correct answer to this open question is the following.
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Indeed, the "Old Age revolving Pension" was similar to FDR's "Social Security Act" of 1935.
In the case of the Old Age revolving Pension also known as the Townsend Plan, the federal government would give citizens older than 60 years or older a pension of $200 a month. For that to happen, the government needed to charge a transaction tax of 2% for every sale. That is how it planned to get the money to pay the pensions.
In the case of the Social Security Act, it provided monthly pensions for retired people. It was one of the most important parts of the New Deal programs instituted by President Franklin D. Roosevelt
He signed it into law in 1935. It was a federal safety provision for the elderly in America. The economic conditions of the time were very hard due to the consequences of the US stock market crash of October 1929 that generated the Great Depression. That is why Roosevelt implemented many New Deal programs. One of them, the Social Security Act paid pensions to retirees older than 65 years, based on payroll tax contribution.