Federal Personal Income Tax Policy in the 1920s
研究了1920年代美国大幅削减个人所得税率的原因与效果，指出主要动机是减少富人因之前税率提高而产生的避税行为，且减税确实降低了避税。
During the 1920s, federal personal income tax rates, which had been dramatically increased during World War I, were sharply reduced. These tax rate cuts have often been cited as an example of a successful supply-side policy, but they have also been criticized as policies designed primarily to benefit the wealthy. We argue that a primary motive for the tax cuts of the 1920s was the desire to reduce the tax avoidance by wealthier individuals that occurred as a result of the previous tax rate increases and that the tax cuts enacted did reduce tax avoidance.