Word: ruml
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...main outlines of Ruml's new tax proposal are not original. They are unfamiliar to some politicians, but many economists (including those of labor unions) hold similar opinions. A particularly clear and careful examination of ideas of this type was put out last month by the Committee for Economic Development (Production, Jobs & Taxes, by Harold M. Groves...
...wave of Ruml-inspired tax consciousness, a group of St. Paul and Minneapolis businessmen, including John L. Connolly and Allen Wagner of Minnesota Mining and Manufacturing Co., last week presented a contrary plan to technicians of the joint tax committee of Congress...
They started with an assertion the opposite of Ruml's: "Relatively heavy corporate income-tax rates are not as harm ful to the private enterprise system as are heavy individual income-tax rates...
...Twin Cities diagnosis : the failure of business activity to expand is generally due to inability of individuals to accumulate capital, because of the large amount of their income that is taken away from them after receipt. The Ruml diagnosis (more generally accepted): the failure is due not to absence of capital, but to the fact that a heavy tax burden not only reduces earnings but cuts consumption by adding to the cost of products...
...Both the Ruml plan and the Twin Cities plan it is estimated would raise $18 billion a year in tax revenue. But Ruml plans to raise this amount or more only when the national income passes $140 billion a year. So he counts on his individual income tax to raise 72% of the total. The Twin Cities plan proposes to raise $18 billion from a national income of only $120 billion. So it counts on its individual income tax-only 6% lower than Ruml's-to raise 28% of the total. A comparison of the two proposals (in millions...