So when everyone thinks of the Roaring 20s everyone thinks of Al capone, St Valentines Day Massacre, however I dint really know the politics of the roaring 20s. This to my knowledge is the birth of modern conservatism. The Heritage Foundation cited Calvin Coolidge the "forefather of conservatism". Coolidge argued that Progressives who seek to depart from our Founding principles, also depart from the ideas that made America the greatest and freest country in human history.
Coolidge argued that the effects of progressive policies expanded the role of government. He saw the erosion of self reliance. the growth of government dependence. Ohio Senator Warren Harding ran as a Republican for president after the progressive era. He selected Massachusetts Governor Calvin Coolidge as his running mate
One of the first thing President Harding did was cut taxes that were raised during the war. Treasury secretary Andrew Mellon asked that tax on excess corporate profits should be abolished. Melton also argued that that lower tax rates would increase revenue. The idea the cutting taxes wealth will be distributed through out the nation. In 1922, the top marginal rate was cut by 48%.
President Harding died in August of 1923, making Calvin Coolidge President of the United States. In which he ran and won in 1924. He cut taxes all three years in office 24,26 and 28. Federal Spending remained flat. Mellon's tax cut on the wealthy and big corporations encouraged greater investment by wealthy individuals and big companies. He believed that cutting taxes on the rich encourages investment spending and was more beneficial to the economy.
The election of 1928 was upon us and Coolidge's Sec of Commerce Herbert Hoover was elected President. A year later the stock market crashed, Andrew Mellon was still the secretary of Treasury. Shortly after the crash, President Hoover said that he would still balance the budget, while keeping taxes low.
President Hoover eventually rolled back some of the previous administrations tax policies. Mellon lost his post in the treasury. This idea that if you cut the corporate tax that wealth will be flooding america. Some beg the question how did they pay for all these tax cuts three to four years in a row. Future Generations call this Trickle Down Economics.