Jun 15, 1909
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.
William Taft
The Public Record
William Howard Taft was the 27th President of the United States, serving from 1909 to 1913. A member of the Republican Party, he was known for his trust-busting policies and efforts to promote international trade. After his presidency, Taft continued to serve the nation as the 10th Chief Justice of the United States from 1921 until his death in 1930, making him the only person to have held both the presidency and the chief justiceship. His tenure as Chief Justice was marked by a commitment to judicial restraint and the rule of law.
presidency.ucsb.edu
Jun 15, 1909
If the court should maintain its former view, no tax would be collected at all.
Jun 15, 1909
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 Constitution.
Jun 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.
Jun 10, 1909
This order shall take effect not later than six months from the date of the promulgation thereof, except for the use of old French dump cars in use on the Panama Canal, including also the couplers of locomotives necessary to operate them…
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