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To: rodguy911

Harding and the Depression of 1920/21. Harding cut both taxes and spending!

Economics

Harding cut federal spending, lowered taxes, and began paying off the wartime national debt. He restored prosperity by 1921, opening a decade of rapid growth known as the Roaring 20s.

Harding created the Bureau of the Budget to allow the White House to monitor all federal spending. Shortly after taking office, Harding also successfully passed promotion of US Agriculture, repeal of the wartime “excess profits” tax and reduction of rail rates.

Rader (1971) challenges the view that the tax policies of Harding’s Treasury Secretary Andrew Mellon reversed the progressive policies of the Wilson years and allowed the wealthy to become wealthier. The new rates were very low for most people, and yet were high enough to retire the war debt and generate a budget surplus. The net effect of this legislation, Rader argues, was to “impose more progressivity on the federal income tax structure than has existed in any other peace-time period of American history.”


120 posted on 10/11/2015 9:19:42 AM PDT by Steven Tyler
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To: Steven Tyler
I have a problem with the concept that the wealthier get wealthier,that's actually OK by me.

Remember, they have to do something with their money and usually it produces wealth for the country and sometimes even jobs. So I really don't see the down side with the wealthy getting richer. For example I know of a rich family in Key West that owns everything there is to own. What does he do with his money? He buys assets that require other people to work for him. He produces jobs,creates wealth, a tax base, I just don't see the down side. Only a jealous side.

129 posted on 10/11/2015 9:40:33 AM PDT by rodguy911 (FreeRepuplic:Land of the Free because of the Brave--Sarah Palin our secret weapon ok)
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