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Frederick Jacobs 1907 - 1974

Frederick Jacobs of Buffalo, Erie County, NY was born on October 6, 1907, and died at age 66 years old in February 1974.

Frederick Jacobs

Buffalo, Erie County, NY 14211

October 6, 1907

February 1974

Male

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Frederick Jacobs Frederick Jacobs (1907 - 1974)

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Frederick Jacobs' History: 1907 - 1974

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10/6

1907

Birthday

October 6, 1907

Birthdate

Unknown

Birthplace

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02/dd

1974

Death

February 1974

Death date

Unknown
Cause of death

Unknown
Death location

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Frederick Jacobs lived 7 years shorter than the average family member when died at the age of 66.

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Frederick Jacobs lived 7 years shorter than the average family member when died at the age of 66.

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Did you know?

In 1907, in the year that Frederick Jacobs 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, he was just 6 years old 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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