It is felt in the price of those prime necessities of existence, food, clothing, fuel and shelter. . . The higher they become, the more the people must work for the government. The less they are, the more the people can work for themselves. In some ways, President Coolidge was a supply-sider before his time. He understood that high tax rates do not always mean higher tax revenues.
Taxes can constrict economic activity, leaving less profit and income to tax.
I am opposed to extremely high rates, because they produce little or no revenue, because they are bad for the country, and, finally, because they are wrong. The wise and correct course to follow in taxation and in all other economic legislation is not to destroy those who have already secured success but to create conditions under which every one will have a better chance to be successful. That is sound, practical, principled advice for any time. In his own time, it was dramatically effective. Calvin Coolidge talked with eloquence about human nature and limits on social engineering.