William Taft: The Man with Substance

William Howard Taft won the presidential election in 1908 quite easily with the backing from the preceding president Theodore Roosevelt. He practiced what he preached of his progressive view by going after monopolistic industries (using anti-trust act) and even got the Supreme court to declare Rockefeller’s Standard Oil Co. in violation of Sherman Anti-trust Act.  He exemplified the progressive era by ratifying the 16th amendment, which allowed the federal government to impose a marginal tax rate (higher tax rate for higher income individuals). Income taxation has been and continues to be a major political factor and has tremendous effects on the economic behavior of both the government and it’s citizens.