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Felice Desantis 1907 - 1971

Felice Desantis was born on November 6, 1907, and died at age 63 years old in February 1971. Family, friend, or fan, this family history biography is for you to remember Felice Desantis.

Felice Desantis

November 6, 1907

February 1971

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Felice Desantis Felice Desantis (1907 - 1971)

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Felice Desantis' History: 1907 - 1971

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11/6

1907

Birthday

November 6, 1907

Birthdate

Unknown

Birthplace

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02/dd

1971

Death

February 1971

Death date

Unknown
Cause of death

Unknown
Death location

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Felice Desantis lived 12 years shorter than the average family member when died at the age of 63.

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Felice Desantis lived 12 years shorter than the average family member when died at the age of 63.

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In 1907, in the year that Felice Desantis 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, Felice 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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