Assassination of John F. Kennedy
John Fitzgerald Kennedy, the 35th President of the United States, was assassinated on November 22, 1963, at 12:30 p.m. Central Standard Time in Dallas, while riding in a presidential motorcade through Dealey Plaza. Kennedy was riding with his wife Jacqueline, Texas Governor John Connally, Connally's wife Nellie when he was fatally shot by former U. S. Marine Lee Harvey Oswald firing in ambush from a nearby building. Governor Connally was wounded in the attack; the motorcade rushed to Parkland Memorial Hospital where President Kennedy was pronounced dead about thirty minutes after the shooting. Oswald was arrested by the Dallas Police Department 70 minutes after the initial shooting. Oswald was charged under Texas state law with the murder of Kennedy as well as that of Dallas policeman J. D. Tippit, fatally shot a short time after the assassination. At 11:21 a.m. November 24, 1963, as live television cameras were covering his transfer from the city jail to the county jail, Oswald was fatally shot in the basement of Dallas Police Headquarters by Dallas nightclub operator Jack Ruby.
Oswald was taken to Parkland Memorial Hospital. Ruby was convicted of Oswald's murder, though it was overturned on appeal, Ruby died in prison in 1967 while awaiting a new trial. After a ten-month investigation, the Warren Commission concluded that Oswald assassinated Kennedy, that Oswald had acted alone, that Ruby had acted alone in killing Oswald. Kennedy was the eighth US President to die in the fourth to be assassinated. Vice President Lyndon B. Johnson automatically assumed the Presidency upon Kennedy's death. A investigation, the United States House Select Committee on Assassinations agreed with the Warren Commission that the injuries that Kennedy and Connally sustained were caused by Oswald's three rifle shots, but they concluded that Kennedy was "probably assassinated as a result of a conspiracy" as analysis of a dictabelt audio recording pointed to the existence of an additional gunshot and therefore "... a high probability that two gunmen fired at President." The Committee was not able to identify any individuals or groups involved with the possible conspiracy.
In addition, the HSCA found that the original federal investigations were "seriously flawed" with respect to information-sharing and the possibility of conspiracy. As recommended by the HSCA, the acoustic evidence indicating conspiracy was subsequently re-examined and rejected. In light of the investigative reports determining that "reliable acoustic data do not support a conclusion that there was a second gunman," the U. S. Justice Department concluded active investigations and stated "that no persuasive evidence can be identified to support the theory of a conspiracy in... the assassination of President Kennedy." However, Kennedy's assassination is still the subject of widespread debate and has spawned numerous conspiracy theories and alternative scenarios. Polls conducted from 1966 to 2004 found that up to 80 percent of Americans suspected that there was a plot or cover-up. President John F. Kennedy chose to travel to Texas to smooth over frictions in the Democratic Party between liberals Ralph Yarborough and Don Yarborough and conservative John Connally.
A presidential visit to Texas was first agreed upon by Kennedy, Vice President Lyndon B. Johnson, Texas Governor John Connally while all three men were together in a meeting in El Paso on June 5, 1963. President Kennedy decided to embark on the trip with three basic goals in mind: 1.) to help raise more Democratic Party presidential campaign fund contributions. Begin his quest for reelection in November 1964. President Kennedy's trip to Dallas was first announced to the public in September 1963; the exact motorcade route was finalized on November 18 and publicly announced a few days before November 22. Kennedy's motorcade route through Dallas with Johnson and Connally was planned to give the president maximum exposure to local crowds before his arrival for a luncheon at the Trade Mart, where he would meet with civic and business leaders; the White House staff informed the Secret Service that the President would arrive at Dallas Love Field via a short flight from Carswell Air Force Base in Fort Worth.
The Dallas Trade Mart was preliminarily selected as the place for the luncheon, Kenneth O'Donnell, President Kennedy's friend and appointments secretary, had selected it as the final destination on the motorcade route. Leaving from Dallas Love Field, the motorcade had been allotted 45 minutes to reach the Trade Mart at a planned arrival time of 12:15 p.m. The itinerary was designed to serve as a meandering 10-mile route between the two places, the motorcade vehicles could be driven within the allotted time. Special Agent Winston G. Lawson, a member of the White House detail who acted as the advance Secret Service Agent, Secret Service Agent Forrest V. Sorrels, Special Agent in charge of the Dallas office, were the most active in planning the actual motorcade route. On November 14, both men attended a meeting at Love Field and drove over the route that Sorrels believed was best suited for the motorcade. From Love Field, the route passed through a suburban section of Dallas, through Downtown along Main Street, to the Trade Mart via a short segment of the Stemmons Freeway.
The President had planned to return to Love Field to depart for a fundraising dinner in Austin that day. For the return
United States Department of the Treasury
The Department of the Treasury is an executive department and the treasury of the United States federal government. Established by an Act of Congress in 1789 to manage government revenue, the Treasury prints all paper currency and mints all coins in circulation through the Bureau of Engraving and Printing and the United States Mint, respectively. S. government debt instruments. The Department is administered by the Secretary of the Treasury, a member of the Cabinet. Senior advisor to the Secretary is the Treasurer of the United States. Signatures of both officials appear on all Federal Reserve notes; the first Secretary of the Treasury was Alexander Hamilton, sworn into office on September 11, 1789. Hamilton was appointed by President George Washington on the recommendation of Robert Morris, Washington's first choice for the position, who had declined the appointment. Hamilton established—almost singlehandedly—the nation's early financial system and for several years was a major presence in Washington's administration.
His portrait appears on the obverse of the ten-dollar bill, while the Treasury Department building is depicted on the reverse. The current Secretary of the Treasury is Steven Mnuchin, confirmed by the United States Senate on February 13, 2017. Jovita Carranza, appointed on April 28, 2017, is the incumbent treasurer; the history of the Department of the Treasury began in the turmoil of the American Revolution, when the Continental Congress at Philadelphia deliberated the crucial issue of financing a war of independence against Great Britain. The Congress had no power to levy and collect taxes, nor was there a tangible basis for securing funds from foreign investors or governments; the delegates resolved to issue paper money in the form of bills of credit, promising redemption in coin on faith in the revolutionary cause. On June 22, 1775—only a few days after the Battle of Bunker Hill—Congress issued $2 million in bills. On July 29, 1775, the Second Continental Congress assigned the responsibility for the administration of the revolutionary government's finances to joint Continental treasurers George Clymer and Michael Hillegas.
The Congress stipulated. To ensure proper and efficient handling of the growing national debt in the face of weak economic and political ties between the colonies, the Congress, on February 17, 1776, designated a committee of five to superintend the Treasury, settle accounts, report periodically to the Congress. On April 1, a Treasury Office of Accounts, consisting of an Auditor General and clerks, was established to facilitate the settlement of claims and to keep the public accounts for the government of the United Colonies. With the signing of the Declaration of Independence on July 4, 1776, the newborn republic as a sovereign nation was able to secure loans from abroad. Despite the infusion of foreign and domestic loans, the united colonies were unable to establish a well-organized agency for financial administration. Michael Hillegas was first called Treasurer of the United States on May 14, 1777; the Treasury Office was reorganized three times between 1778 and 1781. The $241.5 million in paper Continental bills devalued rapidly.
By May 1781, the dollar collapsed at a rate of from 500 to 1000 to 1 against hard currency. Protests against the worthless money swept the colonies, giving rise to the expression "not worth a Continental". Robert Morris was designated Superintendent of Finance in 1781 and restored stability to the nation's finances. Morris, a wealthy colonial merchant, was nicknamed "the Financier" because of his reputation for procuring funds or goods on a moment's notice, his staff included a comptroller, a treasurer, a register, auditors, who managed the country's finances through 1784, when Morris resigned because of ill health. The treasury board, consisting of three commissioners, continued to oversee the finances of the confederation of former colonies until September 1789; the First Congress of the United States was called to convene in New York on March 4, 1789, marking the beginning of government under the Constitution. On September 2, 1789, Congress created a permanent institution for the management of government finances:Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That there shall be a Department of Treasury, in which shall be the following officers, namely: a Secretary of the Treasury, to be deemed head of the department.
Alexander Hamilton took the oath of office as the first Secretary of the Treasury on September 11, 1789. Hamilton had served as George Washington's aide-de-camp during the Revolution and was of great importance in the ratification of the Constitution; because of his financial and managerial acumen, Hamilton was a logical choice for solving the problem of the new nation's heavy war debt. Hamilton's first official act was to submit a report to Congress in which he laid the foundation for the nation's financial health. To the surprise of many legislators, he insisted upon federal assumption and dollar-for-dollar repayment of the country's $75 million debt in order to revitalize the public credit: "he debt of the United States was the price of liberty; the faith of America has been pledged for it, with solemnities that give peculiar force to the obligation." Hami
Revenue Act of 1924
The United States Revenue Act of 1924 known as the Mellon tax bill cut federal tax rates and established the U. S. Board of Tax Appeals, renamed the United States Tax Court in 1942; the bill was named after U. S. Secretary of the Treasury Andrew Mellon; the Revenue Act was applicable to incomes for 1924. The bottom rate, on income under $4,000, fell from 1.5% to 1.125%. A parallel act, the Indian Citizenship Act of 1924, granted all non-citizen resident Indians citizenship, thus the Revenue Act declared that there were no longer any "Indians, not taxed" to be not counted for purposes of United States Congressional apportionment. President Calvin Coolidge signed the bill into law. Both a normal Tax and a surtax were levied against the net income of individuals, as shown in the following table: Exemption of $1,000 for single filers and $2,500 for married couples and heads of family. A $400 exemption for each dependent under 18
The United States of America known as the United States or America, is a country composed of 50 states, a federal district, five major self-governing territories, various possessions. At 3.8 million square miles, the United States is the world's third or fourth largest country by total area and is smaller than the entire continent of Europe's 3.9 million square miles. With a population of over 327 million people, the U. S. is the third most populous country. The capital is Washington, D. C. and the largest city by population is New York City. Forty-eight states and the capital's federal district are contiguous in North America between Canada and Mexico; the State of Alaska is in the northwest corner of North America, bordered by Canada to the east and across the Bering Strait from Russia to the west. The State of Hawaii is an archipelago in the mid-Pacific Ocean; the U. S. territories are scattered about the Pacific Ocean and the Caribbean Sea, stretching across nine official time zones. The diverse geography and wildlife of the United States make it one of the world's 17 megadiverse countries.
Paleo-Indians migrated from Siberia to the North American mainland at least 12,000 years ago. European colonization began in the 16th century; the United States emerged from the thirteen British colonies established along the East Coast. Numerous disputes between Great Britain and the colonies following the French and Indian War led to the American Revolution, which began in 1775, the subsequent Declaration of Independence in 1776; the war ended in 1783 with the United States becoming the first country to gain independence from a European power. The current constitution was adopted in 1788, with the first ten amendments, collectively named the Bill of Rights, being ratified in 1791 to guarantee many fundamental civil liberties; the United States embarked on a vigorous expansion across North America throughout the 19th century, acquiring new territories, displacing Native American tribes, admitting new states until it spanned the continent by 1848. During the second half of the 19th century, the Civil War led to the abolition of slavery.
By the end of the century, the United States had extended into the Pacific Ocean, its economy, driven in large part by the Industrial Revolution, began to soar. The Spanish–American War and World War I confirmed the country's status as a global military power; the United States emerged from World War II as a global superpower, the first country to develop nuclear weapons, the only country to use them in warfare, a permanent member of the United Nations Security Council. Sweeping civil rights legislation, notably the Civil Rights Act of 1964, the Voting Rights Act of 1965 and the Fair Housing Act of 1968, outlawed discrimination based on race or color. During the Cold War, the United States and the Soviet Union competed in the Space Race, culminating with the 1969 U. S. Moon landing; the end of the Cold War and the collapse of the Soviet Union in 1991 left the United States as the world's sole superpower. The United States is the world's oldest surviving federation, it is a representative democracy.
The United States is a founding member of the United Nations, World Bank, International Monetary Fund, Organization of American States, other international organizations. The United States is a developed country, with the world's largest economy by nominal GDP and second-largest economy by PPP, accounting for a quarter of global GDP; the U. S. economy is post-industrial, characterized by the dominance of services and knowledge-based activities, although the manufacturing sector remains the second-largest in the world. The United States is the world's largest importer and the second largest exporter of goods, by value. Although its population is only 4.3% of the world total, the U. S. holds 31% of the total wealth in the world, the largest share of global wealth concentrated in a single country. Despite wide income and wealth disparities, the United States continues to rank high in measures of socioeconomic performance, including average wage, human development, per capita GDP, worker productivity.
The United States is the foremost military power in the world, making up a third of global military spending, is a leading political and scientific force internationally. In 1507, the German cartographer Martin Waldseemüller produced a world map on which he named the lands of the Western Hemisphere America in honor of the Italian explorer and cartographer Amerigo Vespucci; the first documentary evidence of the phrase "United States of America" is from a letter dated January 2, 1776, written by Stephen Moylan, Esq. to George Washington's aide-de-camp and Muster-Master General of the Continental Army, Lt. Col. Joseph Reed. Moylan expressed his wish to go "with full and ample powers from the United States of America to Spain" to seek assistance in the revolutionary war effort; the first known publication of the phrase "United States of America" was in an anonymous essay in The Virginia Gazette newspaper in Williamsburg, Virginia, on April 6, 1776. The second draft of the Articles of Confederation, prepared by John Dickinson and completed by June 17, 1776, at the latest, declared "The name of this Confederation shall be the'United States of America'".
The final version of the Articles sent to the states for ratification in late 1777 contains the sentence "The Stile of this Confederacy shall be'The United States of America'". In June 1776, Thomas Jefferson wrote the phrase "UNITED STATES OF AMERICA" in all capitalized letters in the headline of his "original Rough draught" of the Declaration of Independence; this draft of the document did not surface unti
Walter Wolfgang Heller was a leading American economist of the 1960s, an influential adviser to President John F. Kennedy as chairman of the Council of Economic Advisers, 1961–64. Heller was born in Buffalo, New York, to German immigrants and Ernst Heller, a civil engineer. After attending Shorewood High School in Shorewood, Wisconsin, he entered Oberlin College in 1931, graduating with a B. A. degree in 1935. Heller received doctorate degrees in economics from the University of Wisconsin; as a Keynesian, he promoted cuts in the marginal federal income tax rates. This tax cut, passed by President Lyndon B. Johnson and Congress after Kennedy's death, was credited for boosting the U. S. economy. Heller developed the first "voluntary" wage-price guidelines; when the steel industry failed to follow them, it was publicly attacked by Kennedy and complied. Heller was one of the first to emphasize that tax deductions and tax preferences narrowed the income tax base, thus requiring, for a given amount of revenue, higher marginal tax rates.
The historic tax cut and its positive effect on the economy has been cited as motivation for more recent tax cuts by Republicans. The day after Kennedy was assassinated, Heller met with President Johnson in the Oval Office. To get the country going again, Heller suggested a major initiative he called the "War on Poverty", which Johnson adopted enthusiastically; when Johnson insisted on escalating the Vietnam War without raising taxes, setting the stage for an inflationary spiral, Heller resigned. In the early phases of his career, Heller contributed to the creation of the Marshall Plan of 1947, was instrumental in re-establishing the German currency following World War II, which helped usher an economic boom in West Germany. Heller was critical of Milton Friedman's followers and labelled them cultish: "Some of them are Friedmanly, some Friedmanian, some Friedmanesque, some Friedmanic and some Friedmaniacs."Heller joined the University of Minnesota faculty as an associate professor of economics in 1945, left for a few years to serve in government, returned in the 1960s serving as chair of the Department of Economics.
He built it into a top-ranked department with spectacular hires, including Nobel Prize winners Leonid Hurwicz and Edward C. Prescott. Heller died in Silverdale, Washington on June 15, 1987 at the age of 71. In 1999, the University of Minnesota renamed the Management and Economics Tower, located on the West Bank of their Minneapolis campus, Walter W. Heller Hall in honor of the late Walter Heller; the building houses student advising services in addition to providing classroom space. Heller, Walter. Monetary vs. Fiscal Policy. 1969. Heller, Walter. New Dimensions of Political Economy. 1966. Walter Wolfgang Heller; the Concise Encyclopedia of Economics. Library of Economics and Liberty. Liberty Fund. 2008
Revenue Act of 1913
The Revenue Act of 1913 known as the Underwood Tariff or the Underwood-Simmons Act, re-established a federal income tax in the United States and lowered tariff rates. The act was sponsored by Representative Oscar Underwood, passed by the 63rd United States Congress, signed into law by President Woodrow Wilson. Wilson and other members of the Democratic Party had long seen high tariffs as equivalent to unfair taxes on consumers, tariff reduction was President Wilson's first priority upon taking office. Following the ratification of the Sixteenth Amendment in 1913, Democratic leaders agreed to seek passage of a major bill that would lower tariffs and implement an income tax. Underwood shepherded the revenue bill through the House of Representatives, but the bill won approval in the United States Senate only after extensive lobbying by the Wilson administration. Wilson signed the bill into law on October 3, 1913; the Revenue Act of 1913 lowered average tariff rates from 40 percent to 26 percent.
It established a one percent tax on income above $3,000 per year. A separate provision established a corporate tax of one percent, superseding a previous tax that had only applied to corporations with net incomes greater than $5,000 per year. Though a Republican-controlled Congress would raise tariff rates, the Revenue Act of 1913 marked an important shift in federal revenue policy, as government revenue would rely on income taxes rather than tariff duties. Democrats had long seen high tariff rates as equivalent to unfair taxes on consumers, tariff reduction was President Wilson's first priority upon taking office, he argued that the system of high tariffs "cuts us off from our proper part in the commerce of the world, violates the just principles of taxation, makes the government a facile instrument in the hands of private interests." While most Democrats were united behind a decrease in tariff rates, most Republicans held that high tariff rates were useful for protecting domestic manufacturing and factory workers against foreign competition.
Shortly before Wilson took office, the Sixteenth Amendment, proposed by Congress in 1909 during a debate over tariff legislation, was ratified by the requisite number of states. Following the ratification of the Sixteenth Amendment, Democratic leaders agreed to attach an income tax provision to their tariff reduction bill to make up for lost revenue, to shift the burden of funding the government towards the high earners that would be subject to the income tax. By late May 1913, House Majority Leader Oscar Underwood had passed a bill in the House that cut the average tariff rate by 10 percent. Underwood's bill, which represented the largest downward revision of the tariff since the Civil War, aggressively cut rates for raw materials, goods deemed to be "necessities," and products produced domestically by trusts, but it retained higher tariff rates for luxury goods; the bill instituted a tax on personal income above $4,000. Passage of Underwood's tariff bill in the Senate would prove more difficult than in the House because some Southern and Western Democrats favored the continued protection of the wool and sugar industries, because Democrats had a narrower majority in that chamber.
Seeking to marshal support for the tariff bill, Wilson met extensively with Democratic senators and appealed directly to the people through the press. After weeks of hearings and debate and Secretary of State William Jennings Bryan managed to unite Senate Democrats behind the bill; the Senate voted 44 to 37 in favor of the bill, with only one Democrat voting against it and only one Republican, progressive leader Robert M. La Follette Sr. voting for it. Wilson signed the Revenue Act of 1913 into law on October 3, 1913; the Revenue Act of 1913 reduced the average import tariff rates from 40 percent to 26 percent. The Act established the lowest rates since the Walker Tariff of 1857. Most schedules were a percentage of the value of the item; the duty on woolens went from 56% to 18.5%. Steel rails, raw wool, iron ore, agricultural implements now had zero rates; the reciprocity program wanted by the Republicans was eliminated. Congress rejected proposals for a tariff board to fix rates scientifically, but it set up a study commission.
The Underwood-Simmons measure vastly increased the free list, adding woolens, steel, farm machinery, many raw materials and foodstuffs. The average rate was 26%; the Revenue Act of 1913 restored a federal income tax for the first time since 1872. The federal government had adopted an income tax in the Wilson–Gorman Tariff Act, but that tax had been struck down by the Supreme Court in the case of Pollock v. Farmers' Loan & Trust Co; the Revenue Act of 1913 imposed a one percent tax on incomes above $3,000, with a top tax rate of six percent on those earning more than $500,000 per year. Three percent of the population was subject to the income tax; the bill included a one percent tax on the net income of all corporations, superseding a previous federal tax that had only applied to corporate net incomes above $5,000. The Supreme Court upheld the constitutionality of the income tax in the cases of Brushaber v. Union Pacific Railroad Co. and Stanton v. Baltic Mining Co. A normal income tax and an additional tax were levied against the net income of individuals, as shown in the following table: There was an exemption of $3,000 for single filers and $4,000 for married couples.
Therefore, the 1% bottom marginal rate applied only to the first $17,000 of income for single filers or the first $16,000 ($352,300 in