President Coolidge signs the tax bill on February 26, 1926. Secretary of Treasury, Andrew Mellon, standing, far left. Library of Congress.
Championed by Secretary of the Treasury Andrew Mellon, the Revenue Acts of 1921 and 1926 were designed to lift the country out of the financial mire caused by World War I. The laws addressed an enduring problem: balancing the nation's obligations with the demand for lowering taxes. 1921 saw corporate taxes increased from 10 to 12.5 percent; in 1926 corporate tax rates were raised to 13.5 percent while personal income taxes were reduced.
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