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Michael Sawaya 1907 - 1981

Michael Sawaya of Brooklyn, Kings County, NY was born on August 25, 1907, and died at age 73 years old in March 1981.

Michael Sawaya

Brooklyn, Kings County, NY 11215

August 25, 1907

March 1981

Male

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Michael Sawaya Michael Sawaya (1907 - 1981)

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Michael Sawaya's History: 1907 - 1981

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08/25

1907

Birthday

August 25, 1907

Birthdate

Unknown

Birthplace

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03/dd

1981

Death

March 1981

Death date

Unknown
Cause of death

Unknown
Death location

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Michael Sawaya lived exactly as long as the average family member when died at the age of 73.

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Michael Sawaya lived exactly as long as the average family member when died at the age of 73.

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Did you know?

In 1907, in the year that Michael Sawaya 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 just 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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