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Heng Chia Cheng 1913 - 1989

Heng Chia Cheng of Plano, Collin County, TX was born on August 5, 1913, and died at age 75 years old in February 1989.

Heng Chia Cheng

Plano, Collin County, TX 75074

August 5, 1913

February 1989

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Heng Chia Cheng Heng Chia Cheng (1913 - 1989)

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Heng Chia Cheng's History: 1913 - 1989

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08/5

1913

Birthday

August 5, 1913

Birthdate

Unknown

Birthplace

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02/dd

1989

Death

February 1989

Death date

Unknown
Cause of death

Unknown
Death location

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Heng Chia Cheng lived 2 years longer than the average family member when died at the age of 75.

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Heng Chia Cheng lived 2 years longer than the average family member when died at the age of 75.

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In 1913, in the year that Heng Chia Cheng 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, Heng Chia 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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