The WRTC’S Coolidge Picnic is August 2nd! We are working on a very special guest speaker. If you would like to attend, send an email to westfordrtc[at]gmail.com.
Here are some little known facts about Calvin Coolidge.
Coolidge balanced the budget every year he was president, from 1923 to 1929.
When Coolidge left office, in early March, 1929, the federal budget was lower than when he came in.
Coolidge and his treasury secretary, Andrew Mellon, made cutting taxes a top priority. After years of very high wartime tax rates, rates were reduced significantly under the Revenue Acts of 1921, 1924, and 1926, especially the latter, which was the crowning achievement of Coolidge tax program. The combined top marginal normal and surtax rate declined from 73% to 58% in 1922, and then to 50% in 1923 (income over $200,000). In 1924, the top tax rate decreased to 46% (income over $500,000). The top rate was only 25% (income over $100,000) from 1925 to 1928. By 1927, 98% of the population paid no income tax. It is also worth noting that numerous “nuisance” taxes, such as on cars and theatre tickets, were eliminated.
Coolidge and his Treasury Secretary, Andrew Mellon, cut income tax rates down to 25%, a rate lower than President Ronald Reagan’s famous 28% rate in 1986.