Mellon tax cuts of the 1920s
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The Mellon tax cuts of the 1920s were a series of U.S. federal income tax reductions championed by Treasury Secretary Andrew Mellon that significantly lowered top marginal rates in an effort to spur investment and economic growth.
All labels observed (1)
| Label | Occurrences |
|---|---|
| Mellon tax cuts of the 1920s canonical | 1 |
Statements (49)
| Predicate | Object |
|---|---|
| instanceOf |
United States federal tax reform
ⓘ
economic policy ⓘ tax policy ⓘ |
| affectedTaxType |
federal estate tax
ⓘ
federal individual income tax ⓘ |
| appliesToJurisdiction |
United States government
ⓘ
surface form:
United States federal government
|
| architect |
Andrew W. Mellon
ⓘ
surface form:
Andrew Mellon
|
| associatedWithEra | Roaring Twenties ⓘ |
| country |
United States of America
ⓘ
surface form:
United States
|
| criticizedFor |
contributing to income inequality
ⓘ
favoring the wealthy ⓘ |
| economicPhilosophy |
classical liberalism
ⓘ
supply-side economics ⓘ |
| effectOnTaxStructure |
narrowed tax base at the top
ⓘ
reduced progressivity of income tax ⓘ |
| endTime | 1929 ⓘ |
| fieldOfStudy | economic history of the United States ⓘ |
| fiscalPolicyType | tax reduction ⓘ |
| hasPart |
Revenue Act of 1921
ⓘ
Revenue Act of 1924 ⓘ Revenue Act of 1926 ⓘ Revenue Act of 1928 ⓘ |
| implementedBy | United States Congress ⓘ |
| implementedUnderPresident |
Calvin Coolidge
ⓘ
Herbert Hoover ⓘ Warren G. Harding ⓘ |
| influencedBy | post–World War I economic adjustment ⓘ |
| justification |
belief that lower rates would increase taxable income
ⓘ
belief that lower rates would maintain or raise federal revenues ⓘ |
| legislativeBody | United States Congress ⓘ |
| namedAfter |
Andrew W. Mellon
ⓘ
surface form:
Andrew Mellon
|
| opposedBy | progressive reformers ⓘ |
| partOf | United States fiscal policy in the 1920s ⓘ |
| policyGoal |
encourage capital formation
ⓘ
promote economic growth ⓘ reduce federal income tax rates ⓘ reduce tax burden on high-income earners ⓘ stimulate investment ⓘ |
| positionHeldByArchitect |
Secretary of the Treasury
ⓘ
surface form:
United States Secretary of the Treasury
|
| precededBy | high wartime tax rates of World War I ⓘ |
| proposedBy |
Andrew W. Mellon
ⓘ
surface form:
Andrew Mellon
|
| reducedTopMarginalRateFrom | 73 percent ⓘ |
| reducedTopMarginalRateTo | 25 percent ⓘ |
| significantFor | development of modern U.S. tax policy ⓘ |
| startTime | 1921 ⓘ |
| supportBase | pro-business Republicans ⓘ |
| timePeriod | 1920s ⓘ |
| topMarginalRateAfterReform | 25 percent ⓘ |
| topMarginalRateBeforeReform | 73 percent ⓘ |
Referenced by (1)
Full triples — surface form annotated when it differs from this entity's canonical label.