Question

How did tax rates change for top earners in the 1920s

Answer 1

Answer:

As the marginal tax rate on those high‐​income earners was cut sharply from 60 percent or more (to a maximum of 73 percent) to just 25 percent, taxes paid by that group soared from roughly $300 million to $700 million per year. ... The tax cuts allowed the U.S. economy to grow rapidly during the mid‐ and late‐​1920s.

Explanation: