Coolidge was greatly admired during his time in office, and he surprised many by declining to seek another term. By 1930, one-third of federal revenue came from income taxes, one-third from corporate taxes, and most of the remaining third came from the tariff and excise taxes on tobacco.Coolidge inherited a budget surplus of $700 million, but also a federal debt of $22.3 billion, with most of that debt having been accumulated in World War I. Federal spending remained flat during Coolidge's administration, contributing to the retirement of about one-fourth of the federal debt. The Supreme Court was also hostile to federal regulations designed to ensure minimal working conditions, and it declared minimum wage laws unconstitutional in the 1923 case of Adkins v. Children's Hospital.In June 1924, after the Supreme Court twice struck down federal laws regulating and taxing goods produced by employees under the ages of 14 and 16, Congress approved an amendment to the United States Constitution that would specifically authorize Congress to regulate 'labor of persons under eighteen years of age'.
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