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Andrew Mellon was the Secretary of Treasury from 1921 to 1932, when he was appointed under Warren G Hardings Presidency he introduced policies which reduced taxing on the corporations and businesses in America, the wealthy citizens of America and also on the middle and lower-class working family.
This policy worked wonderfully, the government expenditure dropped from 6.4 billion in 1920 to 3.3 billion in 1922.
The national debt of America in 1920 was 24 billion, because of Mellon, it dropped to 18 billion in 1929. He was also successful in dealing with the postwar depression that hit the united States (World War 1)
Basically: He decreased taxes, thus giving the businesses and wealthy citizens of America more money to invest in their businesses, which created jobs.
The American citizens were able to buy more from these businesses as their income after tax had increased as well.
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When was Andrew Mellon Building created?
Andrew Mellon Building was created in 1917.
Who was Andrew mellon?
Andrew Mellon was one of the major figures who were involved in the industrial and financial development of the Trans-Allegheny region. He was then appointed Secretary of Treasury by President Warren G. Harding in 1921.
What were Andrew Mellon's strategies for maintaining post-war American prosperity?
Andrew Mellon marketed his strategies for maintaining a postwar American prosperity. His strategy was to cut taxes believing it would ensure financial independence.
Why did Andrew Mellon work to reduce federal tax rates?
Andrew Mellon wanted to have tax rates reduced because lower taxes mean more money is available to expand businesses and add to employment. This was true in Mellon's time and is true today. The Government is an extremely inefficient spender of money. Compared to the private sector, government is less efficient because it does not need to worry about gains or losses.
What was the Mellon plan?
The Mellon Plan was devised by Andrew Melon. It consists of four major points which are: government efficiency, Federal Estate tax reduction, Tax cuts for low incomes and cut top income tax.
