Indianapolis Times, Indianapolis, Marion County, 15 January 1943 — Page 16

nce of "United Nations ‘Week id was attended by, other displo- : , congressmen,’ supreme “court justices - rand 'gdvernment officials, most of them, like the. Litvinovs, Wwalked-or: rode street cars. When Litvinov - said he had

walked, a reporter asked: “Don't| -

the common people use ‘street cars?” “Certainly,” he replied, “but most of the common people just walk.” The movig depicts Norway's reot sistance to on, occupation.

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‘ARMY STEW PLANNED Wayne Post No. 64 of the American Legion will serve “army stew” at an eleventh district Legion meeting next Thursday night at the post: home, 6566 W. Washington st.

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Times Special . PITTSBURGH, Jan, 15.—A pay-

sible level and cut defaults to a

niinimum, according to Beardsley Rumi, author of the now famous

Ruml plan. Any loss of revenue from the: proelimination of taxes on 1042 incomes, he said, would be offset by the thorough tax collections envisaged under his plan, which he said would make tax dodging almost impossible. | Nearly 1000 Pittsburghers gathered to hear the Ruml plan explained by its.originator, who is chairman of the Federal Reserve Bank of New York and treasurer: of R. H. Macy & Co. He outlined three broad reasons for revolutionizing the income tax system by placing taxes on a current basis.

Offers Peace of Mind

“First of all,” he said, “it is plan that will relieve thousands of citizens from hardship and distress arising from income tax debt, and will bring peace of mind to millions more who are in danger of fax debt. “It is a method for clearing the decks for an all-out war financing program. If we can all be free of income tax debt, we can start on a pay-as-you-go basis and stay there. “If we need high withholding taxes we can have them; if we need to supplement voluntary savings with compulsory savings, we can do that too, But whatever is'called for,

: |i would be paid out of the current

year’s income as ‘an assessment on the same year’s income, We would not be paying for ‘a dead horse while we are fighting a war. The pay-as-you-go income tax plan is the best kind of financial planning for the post-war period. Our policies can then be forward looking and not backward looking, “We will not be trying:to collect income taxes fiom people who are unemployed; we will not be dehating whether we should collect taxes on 1941 incomes from men demobilized from the armed forces. We will not have a spending spree in the first little boomlet, financed on unpaid taxes, and then a tax debt headache if incomes should drop off for a year or so.”

Predicts Higher Collection

‘The main criticism of the Ruml plan, its creator pointed out, has concerned a proposal to skip 1942 taxes — questioned by President ‘Roosevelt and the treasury. ‘He replied that any loss of rev-

enue would be partly offset by greater tax collections and tetter collection methods, and that in-any event the loss would be spread over so many years—35 to 50, he estimated—as to be negligible. Since the payjas-you-go plan will make withholding taxes possible at: a high level, and since we will be collecting for 1943 in 1943, the total effect will be anti-inflationary rath-

er than otherwise, - '. Mr. Ruml also -touched on the problem of figuring income taxes on a current basis when the taxpayer does not know at the beginning of the year what his income will be in that year.

Inspection Staton

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“We will go ahead as we do today,” he explained, “filing an income tax schedule about March 15, declaring our previous year’s income. But this will be a tentative return for the year then beginning, and we will pay our current taxes on our tentative return. “But this adjustment would be made on the same blank and at the same time as ovr return for the following year. This return would be at one time the final return for the old year and the tentative return for the mew. There would be no doubling of returns involved and only a few extra lines for the adjustment computations. — gaze a taxpayer knows his inis going to be less or greater than that of thie year of Bs toate. tive declaration, the plan provides that he may declare his true knowledge of lower or higher income, as & result of salary changes and so forth which have actually qccurred, and make his current payments accordingly.

PUBLIC TO HONOR OHIO’S GOVERNOR

A public reception in honor of Governor John ‘W, Bricker of Ohio will be held at 2:30 p. m. tomorrow in the Claypool hotel following his address before ‘the Indiana State

Bar association at the Hotel Lin-

SO datapals attorneys who will escort the honor guest to the Claypool for the reception are Freder-

ick E..Schorteméier, Burrell Wright,

Edwin Steer Sr. Arch N. Bobbitt, |

Fred C. Gause and others,

Members of the Republican state committee- and members of - the

‘With Control to Match Car general assembly have been invited.

| Regular:

HULL GETS FRIST STAMP WASHINGTON, Jan, 15 (U. P.). —The first two sheets of the new

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