A tax called the undistributed profits tax was enacted in 1936.
2.
But from 1 July 1967 the law on undistributed profits tax changed and Francis Richards as constituted could no longer serve that purpose.
3.
Flanders reported, however, that when the committee made its recommendations President Roosevelt was preoccupied with augmenting the Supreme Court and ultimately chose the undistributed profits tax instead a choice that Flanders felt discouraged capital investment.
4.
Oliphant later went on to teach at Johns Hopkins University, and later became the chief counsel of the United States Treasury Department, serving in that capacity from 1934 to 1939 . While serving in that position, he was regarded as an economic experimenter, and was the prime advocate of the Undistributed profits tax.
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