In the 1920s, Secretary of the Treasury Andrew Mellon succeeded in cutting taxes on: a. corporate profits and personal incomes. b. both eliminating half of the federal debt c. dramatically trimming the federal budget. d. eliminating half of the WWI debt. e.All these answers are correct.

a.corporate profits and personal incomes

Explanation:

After being appointed by the then US president, Warren G. Harding, T. Mellon was tasked with reducing the large federal debt accumulated as a result of World War I. Hence, in his bid to achieve the aim, he increased revenue by lowering tax rates so a s to boost the economic activity as well as increasing overall tax revenue by encouraging more people to actually pay their taxes.

His then successfully cut taxes across the board both corporate and personal income tax, which was finally enacted by Congress in the Revenue Acts of 1921, 1924, and 1926.

In turn, the top marginal tax rate fell from 73 percent in 1922 to 24 percent in 1929.

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