Word: forgiven
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...Government would be bound to collect more than if it were receiving payments on 1942 income as it would under the present system. This should be an important consideration when the Government is trying desperately to drain away the nation's excess spending power. The missing sum, taxes "forgiven" in 1942, which would not appear on the record until the taxpayer dies, could be recovered through inheritance taxes, as Mr. Ruml suggests...
Beardsley Ruml set out to crowbar the biggest stumbling block now in the way of his plan: the plausible-sounding objection that the Treasury would "lose" a year's income if a year's taxes were "forgiven." Not so, said Businessman-Banker Ruml in a letter to Kansas Congressman Frank Carlson: the Treasury would, if anything, collect more money with pay-as-you-go than without it. The Ruml reasoning...
...tunnels themselves are fairly high and well lighted, and even the most staid observer would be forgiven a pardonable desire to be turned loose here underground with a Jeep. Only the passage of a occasional food cart breaks the cool silence of the tunnels, although several hundred unwitting students may be tramping overhead...
...enemies forgiven...
...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 the taxpayer will pre-estimate), not on last year's actual income...