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A recession began in January. Highest marginal tax rate 73%, 70% of federal revenue came from income taxes.
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Warren Harding becomes president. The recession ends. Emergency immigration act.
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Harding reduces the top tax rate to 58%.
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Calvin Coolidge becomes president. Tax lowered to 43.5%. SC revoked minimum wage for women in D.C. Another recession begins.
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Recession ends. Air Force created. Tax raised to 46%.
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Tax lowered to 25%. Corp. tax raised to 13%. Hoover warns Coolidge about stock market speculation. More than 25 million families owned cars.
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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.)
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The recession ends after the Fed. lowered discount rates from 4% to 3.5%. Charles Lindbergh flew solo from NY to Paris.
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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.)
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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.
