Page 749 - Bruce Ellig - The Complete Guide to Executive Compensation (2007)

734 The Complete Guide to Executive Compensation

1863 National Banking Act
• Stopped issuance of currency other than by the federal government
1864 Revenue Act
• A tax of 5% on income up to $5,000
• A tax of 7.5% on income between $5,000 and $10,000
• A tax of 10% on income over $10,000
• All income taxes were repealed in 1872

1870 Civil Rights Act
• Established citizen right to enter into and enforce contracts
1871 Civil Rights Act
• Persons denying citizens their constitutional rights became liable to enforcement action
1875 Specie Resumption Act
• Returned America to the gold standard
1878 Bland Silver Act
• Silver dollar became legal currency
1887 Interstate Commerce Act
• Focused on price fixing and other illegal activities
1890 Sherman Anti-Trust Act
• Protects the public from corporate monopoly abuse, outlawing trusts and combinations of
restraint of trade
1893 Sherman Silver Purchase Act
• Put America on a silver standard
1894 Revenue Act
• Federal income tax restored
• Tax of 2% on annual income in excess of $4,000 a year
• Authorized a constitutional amendment permitting different personal income tax rates
• Held unconstitutional by the Supreme Court in 1895
1897 Revenue Act
• Established a 20% tax on imported art
1906 Hepburn Act
• Regulated railroads through the Interstate Chamber of Commerce

1909 Tariff Act
• Company profits in excess of $5,000 taxed at 1%
• Cost of employee term insurance became tax deductible
1913 Underwood-Simmons Tariff Bill
• Graduated tax: 1% on income over $20,000; increased at 1% multiples to a maximum of 6%
for income in excess of $500,000
• Estate tax enacted

1913 Federal Reserve Act
• Created the Federal Reserve System, America’s central national bank
1914 Clayton Act
• Prohibited individual from serving as an officer or director of a competing firm