Lois Debode
(1913 - 2011)
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In 1913, in the year that Lois Debode 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.
In 1929, at the age of 16 years old, Lois was alive when on October 29th (Black Tuesday), the stock market crashed in the United States. Billions of dollars were lost and some investors committed suicide as a result, having lost their fortunes. This ushered in the 12 year, worldwide Great Depression.
In 1957, when she was 44 years old, on October 4th, the Soviet Union launched Sputnik I, the first man made earth-orbiting satellite - and triggered the Space Race. Sputnik I was only 23 inches in diameter and had no tracking equipment, only 4 antennas, but it had a big impact.
In 1970, Lois was 57 years old when on April 10th, Paul McCartney announced that he was leaving the Beatles. (John Lennon had previously told the band that he was leaving but hadn't publicly announced it.) By the end of the year, each Beatle had his own album.
In 1997, Lois was 84 years old when on August 31st, Princess Diana of Great Britain was killed when her car crashed into a pillar in the tunnel under the Pont de l'Alma bridge in Paris. The car she was riding in was trying to evade the paparazzi but it was also discovered later that the driver of the car, who was also killed, had three times the legal limit of alcohol which likely contributed to the accident.
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