President Barack Obama said during Monday's debate that Mitt Romney wants to bring back the economic policies of the 1920s, when the U.S. was headed toward the Great Depression.
"When it comes to our foreign policy, you seem to want to import the foreign policies of the 1980s, just like the social policies of the 1950s and the economic policies of the 1920s," Obama said to Romney.
During the 1920s, the government slashed the top marginal tax rate from 73 percent to 25 percent, according to the Library of Economics and Liberty. Income inequality reached a record high in 1928, according to Emanuel Saez, economics professor at the University of California at Berkeley. That was one year before the 1929 stock market crash that helped usher in the Great Depression.
Romney, for his part, has proposed slashing marginal tax rates by 20 percent and cutting taxes on investment income. His tax plan would increase the deficit by $5 trillion over the next decade, according to the Tax Policy Center.
Romney's tax plan also disproportionately benefits the rich, according to some analyses. His proposed tax plan would give families in the top 0.1 percent an average tax cut of $725,716, while families in the middle fifth of the income distribution would receive an average tax cut of just $810, according to the Tax Policy Center.