— Black Tuesday newspaper headline (October 29, 1929)
Underlying causes of the 1929 crash included all of the following EXCEPT
- Acheck_circle
heavy federal income-tax increases on the wealthy during the 1920s
- B
rampant buying of stocks on margin
- C
speculative investment trusts and pyramiding holding companies
- D
weak agricultural and industrial demand
Explanation
Tax rates on top incomes were cut sharply under Mellon during the 1920s; margin buying, weak demand, and speculative pyramiding were all genuine causes of the crash.