Mellon-Plan

Revenue Act of 1926 Slashes Top Tax Rate to 25%, Abolishes Gift Tax in Full Mellon Plan

1926-02-26 00:00:00 +0000 UTC | Importance: 9/10

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 Mellon Calvin Coolidge U.S. Congress Republican Party tax-policy wealth-concentration institutional-capture mellon-plan

Revenue Act of 1924 Continues Mellon Tax Cuts for Wealthy, Lowers Top Rate to 46%

1924-06-02 00:00:00 +0000 UTC | Importance: 8/10

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 Mellon Calvin Coolidge U.S. Congress Republican Party tax-policy wealth-concentration institutional-capture mellon-plan