History of Industry

As a good historian, as I have been focusing on the history of my client, a leading accounting firm in Boston, I have also been delving into the good reputation for accounting, tax law, and banking in Boston and also the U.S. and it is been fascinating!!!

I needed to share some fun facts with you to exhibit that:

1) Accounting, tax law, and banking history can be fun!

2) Out of the “fun” can come information you can share with your customers, work to your own story (website, ads), or assist you to connect with new markets and joint venture partners. You might give a talk at your local historical society and attract new clients that way, or write something for the local newspaper connecting your company to local history! Adding this kind of history during these along with other ways will really set you apart!

Fun information about accounting, taxes, and banking:

� 1689: The Andros Rebellion in Ipswich, Massachusetts, may be the first protest against taxation without representation in America.

� 1765-1770s: British Parliament levies progressively more taxes on the American colonies; the most famous protest takes place in 1774 when “Indians” dump tea into Boston Harbor; war breaks in 1775.

� 1781-89: As the country is being governed underneath the Articles of Confederation, the brand new national government collects taxes by requisitioning sums from each state; the federal government was lacking the ability to tax individuals.

� 1781: The first de facto central bank within the U.S., the Bank of North America, is chartered through the Continental Congress. It was succeeded through the First Bank of the United States in 1791, initiated by Alexander Hamilton, chartered by Congress, and signed into law by President Washington.

� 1786: The Massachusetts Bank funds the very first trade voyage to China.

� 1789: Congress votes to give the federal government the ability to tax individuals, nevertheless the focus of taxation was on the “imposts and duties” of imported goods, and excise taxes on “manufactures, sale, and consumption.”

� 1794: The internal tax on distilled spirits and cigarettes and tobacco products, unfairly targeting rural areas, leads to a tax protest known as the Whiskey Rebellion.

� 1800-1: Newly elected President Jefferson abolishes all internal taxes.

� Throughout the “Free Banking” Era of 1837 to 1862, only state-chartered banks existed.

� 1861-1865: The first income tax is levied by President Lincoln to raise funds to pay for the Union Army; he produces the Office of the Commissioner of Internal Revenue. This tax allowed for personal and business deductions, setting happens for future tax policy.

The Civil War Acts also established the concept of a yearly accounting for income by annual gains, profits, and income language, and the requirement for more accountants!

� 1880s and 1890s: Numerous accountants from England settle in Boston, expanding and influencing the profession.

1895: An 1894 tax amendment attached to a tariff bill is declared unconstitutional through the Supreme Court. They rule that the tax violated the necessity that taxes “be apportioned equally one of the states.”

� 1907: The Panic of 1907 is the worst operate on banks; it results in the roll-out of the government Reserve Act many years later in 1913, under President Wilson.

� 1908: The very first credit union in the U.S. is established, in New Hampshire.

� 1913: Wyoming becomes the 36th state to ratify the Sixteenth Amendment towards the Constitution, paving the way in which for any permanent system of income taxation in the usa.

� 1914: The very first income tax returns are due on March 1. As an IRS historian explained it, “Through the following 25 years, tax rates remained at levels that affected only the very wealthy. Essentially, payment of greenbacks taxes within the years preceding World War II was a manifestation of affluence. Some citizens proudly reported that they paid their taxes as proof of their financial success.”

� 1917: The very first two women in Massachusetts pass the CPA examination – Alice M. Hill and Gertrude L. Briggs.

� 1935: The Social Security Act of 1935 imposes a wage tax – half was withheld for the individual, half was paid through the employer.

� 1954: The interior Revenue Code of 1954 imposes a modern tax.

I possibly could continue, and I’ll spare you the listing of taxes levied through the government to cover every war we’ve been in (because it’s awfully depressing!), but isn’t this interesting material???

Do you observe how a company links track of what’s going on locally, nationally, and internationally? Many of us are part of something much bigger, and it’s fun to put our businesses into historical context.

Linen

Linen is a specific kind of textile that is produced from fibres of the plant named flax. Linen is considered among the oldest textiles in the world. Linen textile is very tough to manufacture, and require skilled labour for its manufacturing, but well manufactured linen is valued a lot in the textile industry because of its coolness, softness, and freshness in summer season.

History

Good reputation for linen fabric goes 1000′s of years back, starting from 4th century BC. During 4th century, the majority of the families accustomed to grow their very own flax plants, and wove it to provide a refined shape for their personal uses. The very first flax fibres put together in a prehistoric cave in Georgia Republic, and then the flax fibres were woven to make linen. The earliest linen industry was established some 4000 years back, and was forwarded to us from the Egyptians.

In Egypt, linen was considered as symbolic of wealth, prosperity, purity, and light. During the 12the century, linen was adopted as table covers, and napkins in France and Italy. Initially, the use of table linen was confined to rich and wealthy people for the sake of formality, and sophistication, but then, it spread widely and quickly towards the merchant classes and lower status too.

By 14th and 15th century, a number of different types of table linen, and napkins were introduced in the markets by the merchants to attract the customers. By 15th century, during Renaissance, Venetian, and Damascus, styles of weaving were introduced. By the oncoming of 16th century, in 1625, these tablecloths were further modified, and were made thicker to make a better covering for that table.

During 18th century, dark coloured tablecloths came to fashion, and were decorated heavily using velvety and plush stuff. In 1995, the very first linen project named Living Linen Project was established in Irish, and it is currently present one of the individuals who previously worked in industry in Ulster. 2009 is proclaimed the International Year of Natural Fibres to increase the productivity of lots of natural fibres especially linen.

Utilization of Linen In Clothing

Using linen in clothing industry has dramatically changed because the past 30 years. In 1970s, the use of linen for fashion clothing was only 5%, although it was approximately 70% during 1990. Uses of linen vary widely based on need for people, and time for example linen has been used widely as

� Home items such as tablecloths, bathroom towels, bed sheets, dresses, shirts, etc. As linen is an extremely good absorbent, its use in the washrooms facilitates will turn because the best and the user will find that none other woven material can replace it.
� It is utilized in commercial and industrial products such as window treatments, wallpapers, weaving threads, etc.
� Supports fabric for perfect oil painting.
� In summer season, linen is widely used because of its cool feeling, and good absorbing quality. Linen is regarded as more rigid, as compared to cotton, and therefore look very elegant, particularly if stitched from a skilled tailor. It has a very soft texture, and then any person who wears it feels comfortable, and relaxed.