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David Groce 1907 - 1976

David Groce of Phoenix, Maricopa County, Arizona was born on April 23, 1907, and died at age 69 years old in August 1976.

David Groce

Phoenix, Maricopa County, Arizona 85033

April 23, 1907

August 1976

Male

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David Groce David Groce (1907 - 1976)

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David Groce's History: 1907 - 1976

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04/23

1907

Birthday

April 23, 1907

Birthdate

Unknown

Birthplace

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08/dd

1976

Death

August 1976

Death date

Unknown
Cause of death

Unknown
Death location

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David Groce lived 2 years shorter than the average family member when died at the age of 69.

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David Groce lived 2 years shorter than the average family member when died at the age of 69.

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Did you know?

In 1907, in the year that David Groce 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 just 6 years old, David 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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