Revenue Act of 1921

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The United States Revenue Act of 1921 (ch. 234, 43 Stat. 253, June 2, 1924) was the first Republican tax reduction following their landslide victory in the 1920 federal elections. New Secretary of the Treasury Andrew Mellon argued that significant tax reduction was necessary in order to spur economic expansion and restore prosperity.

Mellon obtained repeal of the wartime excess profits tax, dashing the hopes of some progressives that the tax would be made permanent. Meanwhile, the top marginal rate on individuals fell from 73 to 58 percent, and preferential treatment for capital gains was introduced at a rate of 12.5 percent. Mellon had hoped for more significant tax reduction.

Tax Acts of the United States

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