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Form F. R. 131 BOARD DF GDVERNDRS • F THE FEDERAL RE5ERVE SYSTEM Office Correspondence T 0 E a c h Board M e m b e r (individually) (iUv^-vvS- f Dt ae «7» m m 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. ET/r )