Professor Blum advocates repeal of the earnings and profits limitation on dividend income. Professor Blum traces some of the early history and concludes that taxing most corporate distributions of a corporation would eliminate a needless intermediate step of defining earnings and profits, which serves only to complicate the double-tax regime. Mr. Stone opposes repeal of the earnings and profits concept to deal with Wall Street gimmicks and recommends a move toward a fundamental change in corporate taxation, including a system of integration where the impact of the two-tiered tax on corporate income would give way to some type of single-tax scheme