Michael Novella (1913 - 1987)

Refresh this page to see various historical events that occurred during Michael's lifetime.

In 1913, in the year that Michael Novella 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 1933, he was 20 years old when on December 5th, the Twenty-first Amendment to the United States Constitution was ratified. The 21st Amendment said "The eighteenth article of amendment to the Constitution of the United States is hereby repealed." Alcohol was legal again! It was the only amendment to the Constitution approved for the explicit purpose of repealing a previously existing amendment. South Carolina was the only state to reject the Amendment.

In 1958, Michael was 45 years old when on March 24th, Elvis Presley was inducted into the United States Army. Although he could have served in Special Services as an entertainer, he chose to become a regular soldier. Almost everyone thought it would be the end of his career - it wasn't.

In 1969, at the age of 56 years old, Michael was alive when one hundred countries, along with the United States and the Soviet Union signed the nuclear nonproliferation treaty (NPT). It called for stopping the spread of nuclear weapons, the peaceful use of nuclear energy, and the goal of nuclear disarmament.

In 1987, in the year of Michael Novella's passing, on October 19th, stock exchanges around the world crashed. Beginning in Hong Kong then spreading to Europe, the crash then hit the United States. It was called Black Monday. The Dow Jones fell 508 points to 1,738.74 (22.61%).