Presidency of Warren G. Harding
Harding took office after defeating Democrat James M. Cox in the 1920 presidential election. Running against the policies of incumbent Democratic President Woodrow Wilson, Harding won the popular vote by a margin of 26.2 percentage points, which remains the largest popular-vote percentage margin in presidential elections since the end of the Era of Good Feelings in the 1820s. Upon taking office, Harding instituted conservative policies designed to minimize the government's role in the economy. Secretary of the Treasury Andrew Mellon won passage of the Revenue Act of 1921, a major tax cut that primarily reduced taxes on the wealthy. Harding also signed the Budget and Accounting Act, which established the country's first formal budgeting process and created the Bureau of the Budget. Another major aspect of his domestic policy was the Fordney–McCumber Tariff, which greatly increased tariff rates.
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