Final answer:
False, the Republican administrations of the 1920s did achieve significant reductions in taxes on corporate profits, personal incomes, and inheritances.
Step-by-step explanation:
False
The Republican administrations of the 1920s did achieve significant reductions in taxes on corporate profits, personal incomes, and inheritances. Congress enacted laws that reduced tax rates for the wealthiest Americans and raised the exemption level for middle and upper-middle-class families. Additionally, estate taxes assessed on large fortunes passed down to the next generation were reduced. These policies favored business interests and wealthy individuals, providing them with economic benefits. However, these tax reductions did not benefit the majority of Americans. The economic rally of the 1920s was largely built on consumer spending, and many Americans did not earn enough money to sustain it.