Too Good to Be True

The Senate Finance Committee, beating its brains out over the House's garbled tax bill last week, got a new suggestion on personal income taxes.

With one stroke of the pen, it would put U.S. taxpayers on a sound pay-as-you-earn basis, instead of the punishing pay-for-last-year's-riches- out-of-this-year's-poverty basis that now prevails.

The author of this revolutionary idea is huge, 48-year-old Beardsley Rural, R. H. Macy treasurer and New York Federal Reserve Bank Chairman. Mr. Rural got to brooding on a pay-as-you-go tax when he saw the mess that U.S. business executives get into when they...

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