Word: ruml
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...maelstrom of personal and legislative animosities. with the bill still far from finished and the taxpayer, left out in the cold as usual, watching the match from a seat in the third balcony. Neither Congress nor the treasury, both quick to find fault with the plan proposed by Beardsley Ruml, Chairman of the New York Federal Reserve Bank, have come forward with any final plan of their own. It would seem as if their chief reason for opposing the Ruml plan is that someone else thought of it first. After Ruml's five hour session with the Ways and Means...
...bulbous Beardsley Ruml, chairman of the New York Federal Reserve Bank, rolled up his sleeves last week for another heave to get his pay-as-you-go idea across for the benefit of groggy U.S. income-tax payers. Up to now practically everyone from the President down has gone on record for pay-as-you-go "in principle"-always with...
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...
...benefit of doubters, Banker Ruml took the precaution of checking his assertions with impeccable outside sources: his letter was attested by 16 members of eight leading Manhattan accounting firms. Meanwhile, Congress and the Treasury continued to hem & haw over a proposition that seemed self-evident to many a master of sixth-grade arithmetic. For if the Treasury collects one year's taxes every year the Treasury cannot lose a year's revenue even if the taxes are collected against this year's instead of last year's income. Meantime the danger is growing that if taxation...
Taxes. Well aware that they must pass the biggest tax bill in U.S. history, Congressmen pored over plans and statistics. Mused "Muley" Doughton: Congressmen were doing nothing else but answering letters on the Ruml pay-as-you-go plan. Said Massachusetts' Allen Towner Treadway: "Pay-as-you-go collection of income taxes is absolutely imperative...