1. great depression
... 80% of Americans had no savings at all.(McElvaine41) The gap between rich and poor was further widened by the policies of the federal government.. President Calvin Coolidge's administration greatly favored business. His two leading Cabinet members were Herbert Hoover and Andrew Mellon. Hoover's role as ... of the tax burden on the rich.(McElvaine57) Mellon purposed Revenue Act of 1926, which Calvin College signed into law. It reduced federal income and inheritance taxes dramatically on the richest one percent.(Gusmorino) Mellon was also generous in granting tax credits, abatements, and ...
- Word Count: 1346
- Approx Pages: 5
- Grade Level: High School