Hey there,
Feedback is always a function of
volume and
proximity to the sound source (amp, PA speaker, floor wedge). More info is required: are you playing into an amp or PA, and are you using a monitor of any kind? Is this practice alone or with a band? If the former, how is your amp/PA skpr situated with regard to your bass? If with your band, is your stage volume high?
I have no experience with Taylor's acoustic bass, but the point is the same: move away from the sound source in some way: turn speaker, stand in a different spot; as well as turn volume down. You can EQ the feedback out, as well, but depending on your setup, this may alter your "live" tone.
Generalization with acoustic guitars: the top vibrating makes an acoustic more sensitive --more prone-- to feedback, particularly low-frequency feedback. This is why many acoustic-guit DI boxes have a
notch filter with a sweep control: you ID the freq that is resonating with your guit, and attenuate only that frequency. This alters your tone, but buys you more volume, up to a point, though. Make it louder and we're back to the core: your instrument's volume and proximity to the sound source.
And yes, a soundhole cover will quell the feedback, as well as deaden the guit so it sounds
lifeless and
nothing like the guitar you bought to enjoy! It's a fix that is used on loud stages ...check out top acts on a large stage and you'll see a soundhole cover when they pull out that acoustic. They don't hear the actual guitar's acoustic voice anyway, so the primary mission is amp the guit for the
house; that player has got in-ears or a floor wedge to hear what they're doing as it ain't from the guitar's body! But for most of us mere mortals who play for a --ahem-- slightly smaller audience, we want to
hear/feel our acoustic because we dig it! So use a rubber plug if you like, but know the tradeoffs and be willing to embrace that.
Chime back in with more details on your use!

Edward