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Walter Shanklin c. 1901

Walter Shanklin of Wharton County, TX was born circa 1901. Walter Shanklin was married to Silvia (Brooks) Shanklin on June 24, 1976 in Wharton County, TX. Family, friend, or fan, this family history biography is for you to remember Walter Shanklin.

Walter Shanklin

Wharton County, TX

circa 1901

Male

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Walter Shanklin Walter Shanklin (born 1901)

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Walter Shanklin's History: circa 1901

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1901

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Birthday

circa 1901

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Death

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Death date

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Cause of death

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Death location

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In 1901, in the year that Walter Shanklin was born, John Pierpont "J. P." Morgan created U.S. Steel. J.P. Morgan was an American banker and financier who dominated U.S. business at this time. He had previously overseen the creation of General Electric, as well as International Harvester and AT&T. He has been referred to as America's greatest banker. U.S. Steel was the first billion dollar company in the world, worth $1.4 billion in 1901.

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In 1913, 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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