Word: ruml
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...earn tax plan is the only answer yet proposed for this impasse. Yet the U.S. is still only talking about such a plan. First suggested by Beardsley Ruml (New York Federal Reserve Bank chairman and R. H. Macy treasurer-TIME, Aug. 10), it ran into a barrage of criticism from a jealous Treasury. The Treasury objected to the fact that Mr. Ruml's idea involved "forgiving" 1941 taxes, which would admittedly have given a break to big earners in 1941 who were small earners in 1942. (Among the beneficiaries would have been the Treasury's No. 1 Congressional...
Given enough public support, there is still hope that, before next March, some modification of the Ruml Plan will finally become law. One pay-as-you-go bill has already been introduced in the House by Ways & Means Committeeman Donald H. McLean (Rep., N.J.). In the Senate Finance Committee, Republican members Vandenberg and Taft and Democrats Byrd and Chairman George all favor some form of pay-as-you-go. Last week never-say-die Beardsley Ruml was once again campaigning: "Nothing can be gained," cried portly, ebullient Mr. Ruml, "by arguing that people ought to have saved...
Your article in the Oct. 26 issue of TIME, describing the dilemma of Economic Czar James F. Byrnes in attempting to balance his budget, is the best example I have seen of the necessity of immediately adopting the proposed Ruml "pay as you go" income-tax plan...
...either by further refundable taxes or by forced sale of bonds. Either will be politically difficult, especially after the Treasury record during this year's framing of the tax bill. Offered a sales tax by Congress, Morgenthau turned it down. He also opposed the pay-as-you-go Ruml plan. Finally the Treasury cold-shouldered Senator George's sense-making Victory...
...Turned down the Ruml plan for pay-as-you-go income taxes, wavered, said it might be reconsidered in principle...