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Frances Philemina Wallace 1913

Frances Philemina Wallace of Hawthorn Australia was born in 1913 in Hawthorn to Vera Jane Newman and William Leslie Wallis. Frances Wallace has siblings George Patrick Wallace and Lloyd Martin Wallace.

Frances Philemina Wallace

Hawthorn Australia

1913

Hawthorn, Australia

Female

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Frances Philemina Wallace Frances Wallace (born 1913)

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Frances Philemina Wallace's History: 1913

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1913

Birthday

1913

Birthdate

Hawthorn Australia

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Death

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Death date

Unknown
Cause of death

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Death location

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In 1913, in the year that Frances Philemina Wallace 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, 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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