10/01/1909
https://www.presidency.ucsb.edu...
"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."
"I am informed that a 2 per cent. tax of this character would bring into the Treasury of the United States not less than $25,000,000."
"If it should ultimately reverse itself, still no taxes would have been collected until after protracted delay."
"For the Congress to assume that the court will reverse itself, and to enact legislation on such an assumption, will not strengthen popular confidence in the stability of judicial construction of the C..."