Word: ruml
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Please extend to B. Ruml for his proposed solution to the income tax payment problem [TIME, Aug. 10] the heartfelt congratulations of myself and, I am quite sure, thousands of others like me who have been lying awake nights trying to figure out how to budget a 1942 income tax, a 1943 withholding tax, a 15% rise in the cost of living, and an earnest desire to purchase war bonds, into 1943's anticipated income...
Income taxpayers, sweating in anticipation of new horrors to come, breathed easier this week when the 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...
...Senate subcommittee's sudden endorsement of Beardsley Ruml's common-sense plan spelled the end of a fancy retouching job that Treasury's Taxpert Randolph Paul proposed: that relief from taxes due on 1941 incomes be granted only on low-income taxes, leaving high bracketeers with the excellent possibility of owing two years' taxes to be paid from one year's income. If the House still wants a withholding tax, whereby employers deduct tax payments before the pay checks go out, the Ruml plan will make that easier too: there will then be no problem...
Most of the people who heard the Ruml plan agreed with Federal Reserve Board Economist Emanuel Alexander Golden-weiser, who exclaimed, "It's too good to be true! If there is something wrong with it I can't find...
...Ruml further suggested that if a taxpayer sees that his income for the current year will be much less than for the year before (as with many draftees) or much more (as with many war-plant workers) he might instead report on his estimated real income for the year instead of his actual income for the year before...