1648 (June 22, 1936), established an "undistributed profits tax" on corporations in the United States .
To secure the permanent revenue he suggested the substitution of a tax on undistributed earnings of corporations.
Individual rates were raised only on the very rich (that is, income over $5 million a year.).
[1] A Normal Tax was levied on the net income of corporations as shown in the following table.
1655 [2] A normal tax and a surtax were levied against the net income of individuals as shown in the following table.