THE ROARING 20S 1920 1929
AMERICAN POLITICS IN THE 1920S
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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raise taxes on businesses
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lower income taxes
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raise the tariff
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show government support for the free market
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Detailed explanation-1: -Just before the Republican Convention began, Coolidge signed into law the Revenue Act of 1924, which reduced the top marginal tax rate from 58% to 46%, as well as personal income tax rates across the board, increased the estate tax and bolstered it with a new gift tax.
Detailed explanation-2: -The actual quote wasn’t necessarily a simple, catchy line. It wasn’t in a Big Business Speech or an answer to a business related question. It was spoken during an address President Calvin Coolidge gave to the American Society of Newspaper Editors in Washington, D.C. on January 17, 1925.
Detailed explanation-3: -Under Coolidge, (1) the national debts was reduced (2) the federal budget was trimmed (3) taxes were lowered to give incentives for businesses. For almost 6 years, the economy soared, generating business profits, spectacular growth in the stock markets, and general prosperity (especially for urban Americans).