Page "Warren G. Harding" Paragraph 68

On November 22, 1921, President Harding signed the Revenue Act of 1921 that greatly reduced the taxes the wealthiest Americans had to pay.

Protests from Republican farmers caused the deductions to be less than originally desired by Secretary of Treasury Andrew Mellon.

The lengthy 96-page Act reduced the corporate tax from 65 % to 50 % and provided for the ultimate elimination of the excess-profits tax during World War I.