reasing national debt, raising ta

m 25% to 63%. The estate tax was doubled and corporate taxes were raised by almost 15%. Also, a "check tax" was included that placed a 2-cent tax (over 30 cents in today's dollars) on all bank checks. Economists William D. Lastrapes and George Selgin,[53] conclude that the check tax was "an important contributing factor to that period's severe monetary contraction." Hoover also encouraged Congress to investigate the New York Stock Exchange, and this pressure resulted in various reforms.
National debt expressed as a fraction of gross national product climbs from 20% to 40% under Hoover; levels off under FDR; soars during World War II. From Historical Statistics US (1976)

For this reason, years later libertarians argued that Hoover's economics were statist. Franklin D. Roosevelt blasted the Republican incumbent for spending and taxing too much, increasing national debt, raising tariffs and blocking trade, as well as placing millions on the dole of the government. R
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