Sherman Antitrust Act (1898)-Law that forbids a company from being a MONOPOLY. When a company has no COMPETITION in a particular INDUSTRY. (You have to break up your company into different parts). Monopolies are bad: High prices, low quality.
Four types of industries that are EXEMPT from the Sherman Antitrust Act: 1. PATENTS 2. COPYRIGHTS 3. TRADEMARKS 4. Public utilities (MTA, Con Edison)
FDA (1900)-Food and Drug Administration-Government law that regulates the SAFETY and HYGIENE of food, drugs, cosmetics. The FDA weighs the RISKS v. BENEFITS of whether a drug should be marketed. (thalidomide)
FTC(1913)-Federal Trade Commission-Government agency that regulates truth in labeling and advertising. (Red bull)
National forests-Prevents private companies from building on forest and parkland by the federal government owning it.
Minimum wage(1900)-The least amount an employer can pay an employee. FAVOR: Employers would pay even less. AGAINST: Some employers say they can’t afford it: or would have to lay off workers.
Federal Reserve (1913)-Government bank that lends your private bank money that your bank has to pay back with interest. When the federal reserve lowers the interest rate—more money in circulation—inflation. RAISE interest rate—less money in circulation—prices may drop.
FDIC-(Federal Deposit Insurance Corporation)-The government insures EACH DEPOSIT up to $250,000 per person.
Social Security-Money you get from the federal government when you retire.
SEC-(Securities and Exchange Commission)-Government law that prevents stock market fraud:a)by forbidding INSIDER TRADING-illegal knowledge about how the corporation is doing. b) forcing you to pay at least 30 percent of your stock when you buy it.
Medicare-(1960s and beyond)-Government health care for which people over 65 are eligible.
Medicaid-A type of health insurance for people under a certain income threshold.
HUD(1960s and beyond)-(Housing and Urban Development)-Designed to provide affordable, public housing in cities (partnership between the federal government and municipalities. “housing projects.”
‘13th , 14th, 15th, 16th, 17th, 18th, 19th, 20th, 21st, 22nd, 24th, 25th, 26th amendments-
13th amendment (1865)-Abolished slavery
14th amendment (1865)-If you’re born here, you are automatically a citizen. Incorporation amendment–States will have to give African-Americans due process(your rights during arrest and trial in the justice system) rights in their constitution.
15th amendment (1865)-All African American males must be allowed to vote (Laws southern states made to prevent African males from voting: poll tax, grandfather clauses, literacy tests.
16th amendment (1913)-Federal income tax…Redistribution tax: Pays for people who cannot work, and for government projects.
GRADUATED TAX-The higher your income, the higher percentage you pay in tax. Cap the tax at 39 percent.
HOW YOU CAN LOWER YOUR INCOME TAX:
EXEMPTIONS-Children=Each child is 3,950 less that you pay in income taxes. 1 child usually equals 3 exemptions.
TAX CREDITS-If you’re a student or a parent paying for childrens’ education… or if you’re opening your own entrepreneurship.
TAX DEDUCTIONS-When you give to charity.
18th amendment (1919-1933)-Prohibition of alcohol–Sale and manufacture of alcohol was made illegal by the federal government. FAILURE: Bootleggers loved this amendment because when they sold illegally they had an illegal MONOPOLY on it–at any price, at low quality. Bootleggers killed each other.
19th amendment (1920)-Women’ suffrage amendment- Allowed women to vote. (Women were working in factories in greater numbers during WWI. (Shorter dresses during WWI were a NEED, that eventually became a STYLE)…social empowerment that may have spurred the 19th amendment.
20th amendment (1933)-”Lame duck” amendment. Moved inauguration day from March 4th to January 20th. Didn’t want the sitting President to be a lame duck that long.
21st amendment (1933 and beyond)-Prohibition is repealed. (Most state laws age 21).
22nd amendment (1933) – Limit a President’s number of terms he or she can serve to two terms (8 years)… to prevent the President from acting as a dictator. (The President can actually serve a total of 10 years).
24th amendment (1962)-Poll tax was abolished.
25th amendment (1967)-What happens when the President is TEMPORARILY unable to fulfill his or her duties (VP takes over the President’s duties)
26th amendment (1967)-Moved the voting age from 21 to 18…
Take any law that you feel has had a major impact on YOUR LIFE. Write a few paragraphs on how you feel that law has changed life, citing evidence.
