Word: ruml
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...Turned thumbs down on Beardsley Ruml's popular pay-as-you-go tax plan (see p. 12), although in his annual budget message he asked Congress "to put our taxes as far as feasible on a pay-as-you-go basis...
Taxpayers were utterly confused. The politicians' arguments against the Ruml plan had been that it favored the wealthy. Now the Ways & Means Committee proposed discounts to people who had enough money to pay off a year ahead...
...Ways & Means Committee had fumbled the tax job. Minority Leader Joe Martin called a conference of twelve Republican steering committee members. Their strategy: grab the tax bill when it reaches the House floor, substitute pay-as-you-go reduced to its simplest terms, in a modified version of the Ruml plan. Sense as well as strategy was on their side, for many a disgusted Democrat would not vote for the committee bill. The possibility was not remote that the House might overturn its no-longer-august tax-making committee...
...move had further significance. For years the House Republicans have done little but negate. Now, vying for power, Joe Martin and the G.O.P. saw a chance to come out for something-and that something, the Ruml plan, was politically popular. Said Joe Martin: "They'll know they've been in a fight...
...Federal Reserve System, advanced his own plan to get more money this year into the Treasury. The plan: a 30% withholding tax on 1943 incomes (10% higher than that presently contemplated by Congress), with possibly some adjustment made on 1942 tax liabilities. But total forgiveness as advocated by Beardsley Ruml was definitely not part of the Eccles thinking. With the Government now collecting only about one-third of its total war bill in taxes, the first need according to Eccles, is to get more money...