The tax on net income is preferable to one proportionate to a percentage of the gross receipts, because it is a tax upon success and not failure.
Editor's note · Context
Message to the Congress Concerning Tax on Net Income of Corporations
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No honest, clear-headed man, however great a lover of popular government, can deny that the unbridled expression of the majority of a community converted hastily into law or action would sometimes make a government tyrannical and cruel.
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