The Federal Reserve Board issues a public warning that banks should not make loans for stock market speculation, expressing concern about the use of Federal Reserve credit to finance the securities boom. The announcement signals regulatory awareness that margin lending and speculative excess pose …
Federal Reserve BoardBenjamin StrongCharles MitchellAndrew MellonNational City Bankregulatory-failurefinancial-speculationbankinginstitutional-capture
President Calvin Coolidge signs the Revenue Act of 1926, the crowning achievement of Treasury Secretary Andrew Mellon’s multi-year campaign to restructure federal taxation in favor of the wealthy. The act slashes the top marginal income tax rate from 46 percent to 25 percent on incomes over …
Andrew MellonCalvin CoolidgeU.S. CongressRepublican Partytax-policywealth-concentrationinstitutional-capturemellon-plan
President Calvin Coolidge signs the Revenue Act of 1924, the second installment of Treasury Secretary Andrew Mellon’s systematic campaign to slash taxes on the wealthy. The act reduces the maximum income tax rate from 58 percent to 46 percent on incomes over $500,000 (raised from the previous …
Andrew MellonCalvin CoolidgeU.S. CongressRepublican Partytax-policywealth-concentrationinstitutional-capturemellon-plan
Treasury Secretary Andrew Mellon secured passage of the first Republican tax reduction following the 1920 landslide, dropping the top marginal rate from 73 to 58 percent while introducing preferential treatment for capital gains at 12.5 percent. The act repealed the excess profits tax imposed during …
Andrew MellonWarren G. HardingRepublican Partytax-policywealth-concentrationinstitutional-capturesystematic-corruption
American agriculture enters a decade-long depression beginning in summer 1920 as commodity prices collapse following the end of wartime demand. Wheat prices fall from $2.50 per bushel to under $1.00; cotton drops from 35 cents per pound to 13 cents; corn collapses from $1.50 to 42 cents. Meanwhile, …
Andrew MellonFederal ReserveFarm BureauU.S. Congresseconomic-crisisregulatory-failurerural-americabankingagricultural-policy