Hoover was an unusually active and visible cabinet member, becoming known as 'Secretary of Commerce and Under-Secretary of all other departments'. He was influential in the development of radio and air travel and led the federal response to the Great Mississippi Flood of 1927. Hoover won the Republican nomination in the 1928 presidential election, and decisively defeated the Democratic candidate, Al Smith. In the midst of the economic crisis, Hoover was decisively defeated by Democratic nominee Franklin D. Roosevelt in the 1932 presidential election. After leaving office, Hoover enjoyed one of the longest retirements of any former president, and he authored numerous works in subsequent decades. Top earners were taxed at 63 percent on their net income, the highest rate since the early 1920s. The act also doubled the top estate tax rate, cut personal income tax exemptions, eliminated the corporate income tax exemption, and raised corporate tax rates.
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