Word: ruml
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...sales tax. He counts strongly on three proposals Congress turned down last year: taxation of State and municipal bonds, compulsory joint returns for husband & wife, elimination of the depletion allowance for oil wells and mines. On the famed pay-as-you-go income tax plan, suggested by Chairman Beardsley Ruml of the New York Federal Reserve Bank, his position is ambiguous: he likes the idea if he can collect two years' taxes in one but is against the Ruml principle of forgiving one year's tax in order to let taxpayers as well as the Government...
Last week three bills patterned after the Ruml plan were introduced in Congress, without waiting for a nod from Morgenthau. There were reports that Economic Czar James F. Byrnes would become Administration tax spokesman. Urbane Senator Walter F. George, chairman of the Senate Finance Committee, had his own ideas about 1943 taxes. So did stubborn Robert L. Doughton, chairman of the House Ways & Means Committee...
...Morgenthau planned to remain Treasury Secretary in anything but name, he would have to cope quickly with his burdens of figures and men. Else his tax program would be written by Senator George, Congressman Doughton, Beardsley Ruml and perhaps Jimmy Byrnes-and Henry Morgenthau would become taxation's forgotten...
...only a third of next year's bill: the President therefore called for $16,000,000,000 more in taxes to bring the ratio up to half. (He favors compulsory savings, an end to joint income-tax returns, some sort of pay-as-you-go system like the Ruml plan; opposes sales taxes.) As usual he will probably get less than he asks but taxes will be upped enough so that this year's taxes will soon seem like the good old days...
Though in the past two years the pinball machines about the Square have increased from six to 13, the future in wartime looks black to Ryan and Ruml, who claim that pin-ball repairers haven't the spare parts to keep the machines in serviceable condition for long...