Would you be happy to not pay Federal Income Tax when the Federal Reserve Bank shuts down?
The only one who is oblivious here is you. For your information, the Federal Reserve SYSTEM and the Federal Reserve Banks are independently audited EVERY YEAR. It is a MYTH that all of the income tax goes to pay interest on the debt to the Federal Reserve. First, the U.S. Government debt is not all to the Federal Reserve. The government borrows money by issuing U.S. Government securities known as Treasury bills, notes and bonds (aka T-Bills, T-Notes, and T-Bonds). Anyone may buy these securities, even someone as oblivious as you. The Federal Reserve holds about 10% of the U.S. Government debt. Another 30-35% of the debt is held by the U.S. Government. That is right, the government loans money to itself. Second, of the interest that is paid to the Federal Reserve, most of it is returned to the U.S. Treasury each year. In 2007, the Federal Reserve collected approximately $40.3 billion in interest on the debt that it holds. Approximately $34.6 billion was returned to the U.S. Treasury. No
