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F o r m F . R . 131 BOARD OF GOVERNORS • F THE FEDERAL RESERVE SYSTEM Office Correspondence To Chairman Eccles From Lano.blin Currl e Date Subject: June P., 1.937 Taxes I had a very good interview with. Secretary Wallace. He agrees completely that more taxes are necessary and said he thought a counteroffensive ought to be started. I made it clear to him that you did not favor increased expenditures now, and he said that was his view. He wants only a small grant to start the farm tenancy program in an experimental fashion. He said he would be glad to cooperate in any way possible I then saw White, of the Treasury, who is going to write a memorandum on the subject for the Secretary. I talked to Elliott w&en you were away and it was his view that it would be most desirable, if possible, to have any specific tax proposals come from the Treasury. Finally, I was appointed to a sub-committee on taxation of the National Resources Committee, which expects to prepare a brief report on the matter for the Advisory Committee. I feel now that the chances are brighter for getting in some desirable changes under the heading of evasions and loopholes. A substantial amount of additional revenue can be obtained without imposing any new taxes or increasing the stated rates.
@FedFRASER