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George Gales 1913 - 2006

George Gales of Northborough, Worcester County, MA was born on August 6, 1913, and died at age 92 years old on July 11, 2006.

George Gales

Northborough, Worcester County, MA 01532

August 6, 1913

July 11, 2006

Male

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George Gales George Gales (1913 - 2006)

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George Gales' History: 1913 - 2006

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08/6

1913

Birthday

August 6, 1913

Birthdate

Unknown

Birthplace

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07/11

2006

Death

July 11, 2006

Death date

Unknown
Cause of death

Unknown
Death location

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George Gales lived 22 years longer than the average family member when died at the age of 92.

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George Gales lived 22 years longer than the average family member when died at the age of 92.

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Did you know?

In 1913, in the year that George Gales 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, at the age of 21 years old, George was alive 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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