On the recordJune 15, 1909
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 business transactions of all corporations.
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presidency.ucsb.eduAnother merit of this tax is the federal supervision which must be exercised in order to make the law effective over the annual accounts and business transactions of all corporations.
Message to the Congress Concerning Tax on Net Income of Corporations
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More from Bill Taft
This imposes a penalty on the domestic labor of cutting and would transfer half the process in the industry of shoemaking and glove making to foreign countries.
The truth is that the language of the act is so ambiguous and possibly all-embracing that it is impracticable for the Treasury Department to give an exact estimate as to the diminution in revenue which will follow its passage.
I can not make myself a party to dealing with the industries of the country in this way.