FISCAL: Splitting the Budget

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.

If all 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...

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