Calvin Coolidge cut federal income tax rates in 1924, 1926, and 1928. At the same time he cut spending by Congress and was able to pay off one-fourth of the national debt. By the time of the second tax cut, which not only cut rates but eliminated taxes for lower-income people, only the richest 2% of people were paying any income tax at all. While I think it is intrinsically unfair for only 2% of the citizens of the country to pay income tax, I think it is great that it provided enough to run the government. Some of the credit for the success of this apporach goest to Andrew Mellon, Secretary of the Treasury at that time.
He is a president that I really admire. He said:
“Collecting more taxes than is absolutely necessary is legalized robbery.”
“Don’t expect to pull up the weak by pulling down the strong.”
“Duty is not collective; it is personal.”
“Ultimately property rights and personal rights are the same thing.”
We could certainly use his wisdom in our day.
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