Taxation of Undistributed Corporate Profits

Archive Report

Need of New Taxes to Finance Farm Plan and Pay Bonus

President Roosevelt expressed in his annual message to Congress the belief that “no new taxes, over and above the present taxes, are either advisable or necessary.” That assertion was based on the situation currently existing. The President said in his subsequent budget message: “If the Congress enacts legislation at the coming session which will impose additional charges upon the Treasury for which provision is not already made in this budget, I strongly urge that additional taxes be provided to cover such charges.”

As the budget message was being read in the Senate and the House on January 6, Justice Roberts was delivering the opinion of the Supreme Court that invalidated the Agricultural Adjustment Act and ...

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