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Recession
A recession began in January. Highest marginal tax rate 73%, 70% of federal revenue came from income taxes. -
Warren Harding
Warren Harding becomes president. The recession ends. Emergency immigration act. -
Top tax rate decreases
Harding reduces the top tax rate to 58%. -
Calvin Coolidge
Calvin Coolidge becomes president. Tax lowered to 43.5%. SC revoked minimum wage for women in D.C. Another recession begins. -
Recession Ends
Recession ends. Air Force created. Tax raised to 46%. -
Tax Lowers
Tax lowered to 25%. Corp. tax raised to 13%. Hoover warns Coolidge about stock market speculation. More than 25 million families owned cars. -
Mild Recession
Another mild recession. Corp. tax raised up to 13.5%. Two million farmers moved to the cities, but only one million moved to the rural areas. (A graph of annualized GDP change from 1923 to 2009.) -
Recession Ends
The recession ends after the Fed. lowered discount rates from 4% to 3.5%. Charles Lindbergh flew solo from NY to Paris. -
Stock Prices Rise
Stock prices rise to 29%. Corp. tax lowered to 12%. Fed. raises disc. tax to 5% to stop speculation. Open market operations begin. (Cash is removed from their reserves.) -
Herbert Hoover
Herbert Hoover becomes president. Top income tax to 24%. The stock market reaches its peak in September, but crashes the following month. The Great Depression begins.
