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Albert Tharpe 1907 - 1983

Albert Tharpe of Farmville, Prince Edward County, Virginia was born on September 14, 1907, and died at age 76 years old in September 1983.

Albert Tharpe

Farmville, Prince Edward County, Virginia 23901

September 14, 1907

September 1983

Male

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Albert Tharpe Albert Tharpe (1907 - 1983)

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Albert Tharpe's History: 1907 - 1983

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09/14

1907

Birthday

September 14, 1907

Birthdate

Unknown

Birthplace

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09/dd

1983

Death

September 1983

Death date

Unknown
Cause of death

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Albert Tharpe lived 5 years longer than the average family member when died at the age of 75.

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Albert Tharpe lived 5 years longer than the average family member when died at the age of 75.

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In 1907, in the year that Albert Tharpe was born, in October, over a 3 week period, the New York stock exchange fell almost 50% from the previous year's high mark. Public panic ensued and there were runs on banks since the U.S. was in the middle of a recession. J.P. Morgan offered his own fortune to back the banks and he was followed by other financiers. This temporarily shored up the banking system, stopping the immediate panic. All of this led to the creation of the Federal Reserve.

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In 1913, at the age of only 6 years old, Albert was alive when ratified in February the 16th Amendment, establishing a Federal income tax, became law. Previously, customs duties (tariffs) and excise taxes were the primary sources of federal revenue. With the passage of the 16th Amendment, incomes of couples exceeding $4,000, as well as those of single persons earning $3,000 or more, were subject to a 1% Federal tax (that would be about $98,000 and $74,000 now). Rates rose to 7% for incomes over half a million dollars. Less than 1% of the population was subject to income tax.

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Albert Tharpe's Family Tree & Friends

Albert Tharpe's Family Tree

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Albert Tharpe Sep 14, 1907 - Sep 1983

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