The reduction of the 73 percent tax rate on the highest incomes to 24 percent that took place as a result of tax rate cuts during the Harding and Coolidge administrations was denounced then, and has continued to be denounced, as “tax cuts for the rich,” despite the fact that this change in tax rates brought much higher tax revenues from high-income people, both absolutely and as a percentage of all income tax revenues collected. Moreover, this outcome was precisely what President Coolidge said beforehand was his objective.
