Any company that pays an excess-profits tax is shortsighted. So Tax Expert Beardsley Ruml told the Gas Appliance-Manufacturers Association in Chicago last week. It is management's duty, said Ruml, to use any profits that would be clipped by the tax to pay for research, development, increased advertising and anything else that may better a company's competitive position in the long run.
Ruml, who thinks that the tax is "an evil brew of inequity, exception, exemption and privilege," said that it creates two kinds of dollars. They are 1) "cheap earned dollars which, if not spent, will be taxed at high...
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