Word: beardsley
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Dates: during 1940-1949
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Income taxpayers, sweating in anticipation of new horrors to come, breathed easier this week when the Senate Finance Committee showed increasing interest in Beardsley Ruml's pay-as-you-earn tax plan for the future (TIME, Aug. 10). If the Senate and House approve the idea, the Ruml plan will mean that: 1) all taxes due on 1941 income (payable this year) are "forgiven"; 2) all taxes actually paid this year will be credited to the taxes due on this year's income; 3) henceforth all taxes paid will be on the current year's income (which...
...Senate subcommittee's sudden endorsement of Beardsley Ruml's common-sense plan spelled the end of a fancy retouching job that Treasury's Taxpert Randolph Paul proposed: that relief from taxes due on 1941 incomes be granted only on low-income taxes, leaving high bracketeers with the excellent possibility of owing two years' taxes to be paid from one year's income. If the House still wants a withholding tax, whereby employers deduct tax payments before the pay checks go out, the Ruml plan will make that easier too: there will then be no problem...
...author of this revolutionary idea is huge, 48-year-old Beardsley Rural, R. H. Macy treasurer and New York Federal Reserve Bank Chairman. Mr. Rural got to brooding on a pay-as-you-go tax when he saw the mess that U.S. business executives get into when they retire on incomes far below their former earning power but still have to pay one year's taxes on what they used to earn. With the U.S. at war, the same sort of thing happens to younger men. So far the Treasury has of necessity been very lenient about demanding current...
...early as last March, Beardsley Rural stopped brooding over this problem, sent his plan off to the Treasury and to a long list of friends. The Treasury was shy about stating any opinion at all, but the friends came through with paeans of praise. Thus encouraged, Mr. Rural last week went down to Washington to spill his plan to the Senate...
HARVARD '45 ANDOVER Garland, le re, McKernin Woodruff, lt rt, Luce Hubbard, lg rg, Carrington J. Fisher, c c, Rockefeller Smith, rg lg, Twombly W. Fisher, rt lt, Beardsley Hornbeck, re le, McMahon Drake, qb qb, Vose Ross, lhb rhb, Keuffel Barron, rhb lhb, Furse Goodale, fb fb, Duden...