When Calvin Coolidge became president in 1923, the top personal income tax rate was 77 percent. The national debt had risen from $1.5 billion in 1916 to $33 billion in 1919 — in large part due to America’s entry into World War I. Together with his treasury secretary, Andrew Mellon, Coolidge cut the top personal income tax rate to 24 percent and dramatically reduced government spending. The economy expanded along with tax revenue, and that allowed the national debt to fall to $16 billion by 1929. Please join us for a discussion of the lessons that Coolidge administration reforms hold for the United States today.
Featuring Mike German, Senior Policy Counsel, American Civil Liberties Union; Eileen Larence, Director of Homeland Security and Justice Issues, Government Accountability Office; Michael Price, Counsel, Liberty & National Security Program, Brennan Center for Justice; and Jim Harper, Director of Information Policy Studies, Cato Institute.
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Latest CommentaryTwo of my main passions — in work as well as in the rest of my life — are jazz and the Constitution, which interact. Jazz,...
The 2008-2009 financial crisis and Great Recession have vastly increased the power and scope of the Federal Reserve, and radically changed the financial landscape. This new ebook examines those changes and considers how the links between money, markets, and government may evolve in the future.