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Leon C Derousse 1913 - 2003

Leon C Derousse of Davenport, Scott County, IA was born on December 13, 1913, and died at age 89 years old on October 12, 2003.

Leon C Derousse

Davenport, Scott County, IA 52804

December 13, 1913

October 12, 2003

Male

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Leon C Derousse Leon Derousse (1913 - 2003)

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Leon C Derousse's History: 1913 - 2003

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12/13

1913

Birthday

December 13, 1913

Birthdate

Unknown

Birthplace

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10/12

2003

Death

October 12, 2003

Death date

Unknown
Cause of death

Unknown
Death location

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Leon C Derousse lived 18 years longer than the average family member when died at the age of 89.

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Leon C Derousse lived 18 years longer than the average family member when died at the age of 89.

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In 1913, in the year that Leon C Derousse was born, 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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In 1934, he was 21 years old when on June 6th, the U.S. Securities and Exchange Commission was formed as a response to the stock market crash of 1929 and the continuing Great Depression. Previously, the states regulated the offering and sales of stocks - called "blue sky" laws. They were largely ineffective. Roosevelt created a group (one member was Joseph Kennedy, father of the future President Kennedy) who knew Wall Street well and they defined the mission and operating mode for the SEC. The new organization had broad and stringent rules and oversight and restored public confidence in the stock market in the United States.

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Leon Derousse's Family Tree & Friends

Leon Derousse's Family Tree

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Leon C Derousse Dec 13, 1913 - Oct 12, 2003

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