What was the main purpose of the Revenue Act of 1926?
Increase government spending
Combat prohibition
Fund World War I
Enact Mellon's tax plan
Answer
The Revenue Act of 1926 was enacted to implement Secretary of the Treasury Andrew Mellon's tax plan, which significantly reduced income tax rates for high-income taxpayers and corporations. The objective was to stimulate economic growth by increasing disposable income and encouraging investment. By lowering the tax burden on wealthy individuals and businesses, it was believed that economic activity would increase, leading to overall prosperity.
The Legacy of Andrew Mellon: An Engaging English Quiz on the Life of an Iconic American Diplomat and Philanthropist
More Questions
In what year did Mellon become the U.S. ambassador to the UK?
How did Mellon's national reputation fare during the Great Depression?
After leaving political office, Mellon returned to what?
Which president selected Mellon to be ambassador to the UK?
How many presidents did Mellon serve under as Secretary of the Treasury?
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