William Taft actually said...

Another merit of this tax is the federal supervision which must be exercised in order to make the law effective over the annual accounts and...

If it should ultimately reverse itself, still no taxes would have been collected until after protracted delay.

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...