Federal Reserve Bank Doesn’t Pay Taxes on the Billions of Interest Income it Earns!
That’s right.
While you and I are continuously harassed by the IRS to pay “Our fair share”, the one entity responsible for the boom-and-bust cycles of our economy, doesn’t pay one thin dime of income tax on billions of dollars of income it earns every year.
But, “why should they, they’re the government”, you ask, no?
Um, no, they are not the government. They are a banking corporation created by Congress. And if they were “government”, why would they need a special exemption put into law?
Read the statute yourself:
U.S. Code
12 USC Sec. 531 01/16/96-EXPCITE-
TITLE 12 – BANKS AND BANKING
CHAPTER 4 – TAXATION
SUBCHAPTER I – FEDERAL RESERVE BANKS-HEAD-
Sec. 531. Exemption from taxation-STATUTE-
Federal reserve banks, including the capital stock and surplus
therein and the income derived therefrom, shall be exempt from
Federal, State, and local taxation, except taxes upon real estate.
So keep slaving away at your jobs, keep paying “your fair share”, and while you’re doing so, private companies and investors, both here in America and Off-shore (foreigners), are laughing all the way to the bank!
The “I don’t have to pay my fair share” bank known as the Federal Reserve knows you don’t care that your sweat and energy goes to line their pockets!
America, you are so screwed!
