Nor would I, were I given the full rights of an Englishman.  But to call me one without those rights is like calling an ox a bull.  He’s thankful for the honor, but he’d much rather have restored what’s rightfully his.

—- Benjamin Franklin, “1776”

       Republican (fascist/socialist) de facto President Harding (a resident of the Federal enclave of Ohio)—without a constitutional amendment—signs the Revenue Act of 1921, reducing the top marginal rate of 73% on incomes of over 1,000,000 Dollars to 56% on incomes of over 200,000 Dollars.

       Postscript: During the next four years the top marginal rate was reduced to 25% on incomes of over 100,000 Dollars and on the first 4,000 Dollars from our to only one percent.  This resulted in a reduction of Federal income tax revenues by one-third, which accompanied by a 50% reduction in Federal spending helped reduce the national debt, and contribute to the prosperity of the “Roaring Twenties.”

       NOTE: At the time of this act’s passage the nation was still struggling with recovery from the severe Panic of 1920, which many economists and historians view s worse than the Panic of 1929: Gross National Product had declined by almost one-fourth; joblessness had more than doubled, from 2,100,000 to 4,900,000.  But there was no “Great Depression” that resulted from the abandonment of free-market principles.

       [added 6/20/2022]

       De facto President Harding—without a constitutional amendment—signs the Sheppard-Towner Maternity Act, requiring states to register all live births in their jurisdictions.  Before this act was passed, family Bibles were commonly accepted as proof of one’s place and date of birth.

       [added 6/20/2022] Thanks to Bill Holmes for this entry.