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Michael Vass 1907 - 1985

Michael Vass of Valparaiso, Porter County, Indiana was born on August 17, 1907, and died at age 77 years old in July 1985.

Michael Vass

Valparaiso, Porter County, Indiana 46383

August 17, 1907

July 1985

Male

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Michael Vass Michael Vass (1907 - 1985)

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Michael Vass' History: 1907 - 1985

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08/17

1907

Birthday

August 17, 1907

Birthdate

Unknown

Birthplace

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07/dd

1985

Death

July 1985

Death date

Unknown
Cause of death

Unknown
Death location

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Michael Vass lived 4 years longer than the average family member when died at the age of 77.

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Michael Vass lived 4 years longer than the average family member when died at the age of 77.

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In 1907, in the year that Michael Vass 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, Michael was merely 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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Michael Vass' Family Tree & Friends

Michael Vass' Family Tree

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Michael Vass Aug 17, 1907 - Jul 1985

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