William Taft actually said...

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.

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 fai...

It imposes a burden at the source of the income at a time when the corporation is well able to pay and when collection is easy.

If the court should maintain its former view, no tax would be collected at all.