Word: ruml
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Economist Beardsley Ruml, who fathered the pay-as-you-go tax plan adopted by Congress in 1943, is having less success with his Ruml Plan to balance the budget by bookkeeping tricks such as taking public works and commodity inventories out of the current expense budget and treating them as capital assets (TIME...
Last week Treasury Secretary George Humphrey gave a commonsense appraisal of Ruml's plan. Said he: "We are not particularly impressed with it ... It has been tried in ... foreign countries . . . They had disastrous results. I think that it might even encourage a lack of economy. We are all better off to have all of our accounts right out where . . . they hit us in the face and where they are ... in front of us to work on every...
When Manhattan Tax Expert Beardsley Ruml went to Washington eleven years ago to suggest some drastic revisions in the U.S. tax system. Congress eventually was impressed with one of his ideas; it adopted Ruml's pay-as-you-go income-tax system. Last week Ruml came to Washington with a new plan-to balance the budget...
...excise taxes except those on liquor, tobacco and gasoline were removed, said Ruml, the Government would lose some $3.4 billion in annual income. But no new taxes would have to be imposed to make up the difference. Reason: the present budget overstates tax needs by $12 billion. Ruml listed four ways the budget should be trimmed...
...Many of Ruml's suggestions were not new. "It's just taking a lot of old lumber and a few nails," said he, "and making something out of them." To many a conservative Congressman, the Ruml plan seemed little more than a bookkeeping operation, reminiscent of the New Deal's brain-trust days. Admitted Ruml: "It's a bookkeeping operation, but not 'just' a bookkeeping operation. It may be that in these years the splitting of the budget is more important than splitting the atom. We can't have a free economy with...