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To: DuncanWaring

Harding’s VP did even more after Harding’s death.....

Coolidge’s taxation policy was that of his Secretary of the Treasury, Andrew Mellon: taxes should be lower and fewer people should have to pay them.[115] Congress agreed, and the taxes were reduced in Coolidge’s term.[115] In addition to these tax cuts, Coolidge proposed reductions in federal expenditures and retiring some of the federal debt.[115] Coolidge’s ideas were shared by the Republicans in Congress, and in 1924 Congress passed the Revenue Act of 1924, which reduced income tax rates and eliminated all income taxation for some two million people.[115] They reduced taxes again by passing the Revenue Acts of 1926 and 1928, all the while continuing to keep spending down so as to reduce the overall federal debt.[116] By 1927, only the richest 2% of taxpayers paid any federal income tax.[116] Although federal spending remained flat during Coolidge’s administration, allowing one-fourth of the federal debt to be retired, state and local governments saw considerable growth, surpassing the federal budget in 1927.[117]

Wikipedia


11 posted on 09/04/2012 5:58:01 AM PDT by csmusaret (I will give Obama credit for one thing- he is living proof that familiarity breeds contempt.)
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To: csmusaret

Thus gave us the roaring 20’s. Tax and spending cuts.


19 posted on 09/04/2012 8:19:30 AM PDT by GeronL (The Right to Life came before the Right to Pursue Happiness)
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To: csmusaret
There is no way to be sure how Coolidge would have handled the Depression--my guess is that he would have done better than Hoover because he would have done less federal intervention.

Coolidge died on Jan. 5, 1933, so if he had been re-elected in 1928 he would have died in office. (He died of a coronary thrombosis--perhaps the stress of office would have killed him sooner if he had still been President.)

If Coolidge had run again in 1928 with the same running mate, at his death Charles Curtis would have become President. Curtis was part Indian.

29 posted on 09/04/2012 11:03:33 AM PDT by Verginius Rufus
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To: csmusaret
Coolidge proposed reductions in federal expenditures...

There in lies the difference. Congress will not reduce federal spending. Federal expenditures went down during two of Coolidge's budgets. That won't happen now.

39 posted on 09/05/2012 10:02:52 AM PDT by Delhi Rebels (There was a row in Silver Street - the regiments was out.)
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