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Coolidge, Tax Cuts and the Roaring ’20s

The last time we had a major pandemic was the flu of 1918-19.  But by the early 1920s the economy went on an eight-year economic and financial boom – almost unprecedented in American history. But coming out of the Covid pandemic, the economy has flatlined and incomes have fallen under Bidenomics.

CTUP board member John Childs reminds us in his must-read New York Sunarticle of recent days why we saw the boom under America’s most underrated president: Calvin Coolidge. Tomorrow, August 2, is the 100th Anniversary of his swearing in as President.

Cal cut the highest income tax from 70% to 25% (blue line) and look at what happened to tax revenues (red line).

If there were ever an example of the Laffer Curve in action it is the roaring ‘20s. And then Hoover and FDR raised taxes back up to 70% and we had a 10-year Depression.

So let us all raise our glasses and toast the anniversary of the Coolidge tax cuts, which unleashed arguably the biggest economic boom in American history.

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