 cutting estate taxes for wealthy businesses and slashing capital gains and corporate profit taxes. Reagan succeeded a few years later in dropping the top income tax rate even more to 28%, where it hadn't been since the Great Depression. It was the second largest tax cut in history, and it was nearly identical to the largest tax cut ever. Treasury Secretary Andrew Mellons in the 1920s, the one that created the bubble known as the Roaring Twenties, which eventually burst in 1929.