Word: earned
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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...
With one stroke of the pen, it would put U.S. taxpayers on a sound pay-as-you-earn basis, instead of the punishing pay-for-last-year's-riches- out-of-this-year's-poverty basis that now prevails...
...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 tax payments from draftees and enlisted...
...begins assessing excess profits 5% below the pre-war profit level, so that, for example, a U.S. company whose pre-war earnings were $100,000 would have an excess-profits credit of $95,000 and would, therefore, have to earn $145,000 before its net, after excess-profits taxes, would get back...
...York Times's Olin Downes: "This symphony is far from a work of sustained greatness, either of ideas, workmanship or taste," but "that it has its great moments is unarguable." Said Henry Simon of PM (to which nothing Russian is alien): "a monumental achievement, which must earn for itself a prominent place in symphonic literature." Possibly the Sun's Oscar Thompson best expressed the general reaction. Said he: "If it is not a masterpiece to go thundering down the ages, it does thunder-and for a particular time of war and the emotions of war it thunders very...