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Form F. R. 131

BOARD DF GDVERNDRS
• F THE
FEDERAL RE5ERVE SYSTEM

Office Correspondence
T

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E a c h Board M e m b e r (individually)

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Subject:

From

Attached harato is a aeaorandum entitled "Taxation ( a Monetary
td
Policy with Special Reference to a Tax on Undistributed Corporate Earnings."
At tha Board aeabers Imam, X hava bees greatly interested in the
problaa of taxation froa the aonet&xy standpoint and its influence qpon tha
velum tadflawof aoaay. I foal that tha responsibilities of tha Board
are such that tha aaafeart cannot Ignore the influence and affects of a tax*
ing program. 1 have had Dr» Carria, aho has worked rery closely with ae on
this subject, prepare this wematm&w uadar ay direction outlining la a
general
tha intercalation of recant tax proposals and Monetary policies
and I aa sanding this to tha Board aeabers for thair own information la tha
baliaf that it wiU ha of intarest.




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