IRS collects personal income tax for the Federal Reserve

[the inquirer]

I am sure that this one will generate some comments.

The Internal Revenue Service is a collection agency for the private Federal Reserve and its shareholders. All, that is 100%, of the personal income tax collected goes NOT to the government for any goods and services the government may provide but to the privately held Federal Reserve and, ultimately, to its shareholders for interest on the debt. You're crazy, you are thinking; how do you know?
Quite simple, really. I read extensively; especially, American history, Congressional Records (they are online - all of them), etc. But, I'll make it easier for you. Find the Congressional Research Service's report on the (personal) income tax and where the money goes, circa 2006. (I don't know if you can find it online) It states what I wrote in the first paragraph, sentence 2; or, almost a trillion dollars in 2005. (Damn, I wish my great grandfather had been connected enough in 1913 to have been invited to purchase even one share in the Federal Reserve. I guesstimate that my family's take would be in the billions every year! And, that's just from owning one share!) If you can't locate a copy, then download here: http://thetruthnews.info/GraceCommissionReport.pdf
That is a copy of the full report, if you don't like that site, you can also google the Grace Commission and get more information on this official government appointed "commission" that looked into the income tax under Ronald Reagan's term.
Read the report, then comment.

The next conclusion is, since the American taxpayer is forced to pay a tax that is really a payment on the interest on the debt, the American citizen who pays the tax has been converted into a peon (forced into slavery or involuntary servitude (because we know what will happen if he/she doesn't pay) to pay on/off a debt). That is illegal under United States law; it's a crime, a felony.

Now, doesn't it just give you a warm fuzzy feeling to know that you are helping transfer the wealth from your fellow Americans (and yourself) to those wonderful bankers and their cronies who are deliberately destroying our economy and our country?

I believe that it was John Adams, our 2nd president, who said, "There are two ways to conquer (destroy) a country, one is by war and the other is by debt"

BTW, All of you have a great Memorial Day weekend. Enjoy the last vestiges of our Republic that so many fought & died for as we descend into Communism (fascism (corporatism), really); but, Putin said that we had failed to learn the lessons of the old Soviet Union and so have become communists. And, who would know better than the former head of the KGB?
And, the IRS, well it enforces, I believe, the 6th plank of the communist manifesto (progressive income tax) developed by Karl Marx, nephew of Baron Rothschild (owner of the Bank of England and whose descendents would also own much of the Federal Reserve). Rothschild also supported Marx, both financially and "spiritually", in the writing of the manifesto. Interesting, when you think about it, why would the wealthiest man (family) in the world support a socialist society and all those peons? Can't be the money, can it?

[Famspear]

I am sure that this one will generate some comments.

The Internal Revenue Service is a collection agency for the private Federal Reserve and its shareholders. All, that is 100%, of the personal income tax collected goes NOT to the government for any goods and services the government may provide but to the privately held Federal Reserve and, ultimately, to its shareholders for interest on the debt. You're crazy, you are thinking; how do you know?
Quite simple, really. I read extensively; especially, American history, Congressional Records (they are online - all of them), etc. But, I'll make it easier for you. Find the Congressional Research Service's report on the (personal) income tax and where the money goes, circa 2006. (I don't know if you can find it online) It states what I wrote in the first paragraph, sentence 2; or, almost a trillion dollars in 2005. (Damn, I wish my great grandfather had been connected enough in 1913 to have been invited to purchase even one share in the Federal Reserve. I guesstimate that my family's take would be in the billions every year! And, that's just from owning one share!) If you can't locate a copy, then download here: http://thetruthnews.info/GraceCommissionReport.pdf
That is a copy of the full report, if you don't like that site, you can also google the Grace Commission and get more information on this official government appointed "commission" that looked into the income tax under Ronald Reagan's term.
Read the report, then comment.

The next conclusion is, since the American taxpayer is forced to pay a tax that is really a payment on the interest on the debt, the American citizen who pays the tax has been converted into a peon (forced into slavery or involuntary servitude (because we know what will happen if he/she doesn't pay) to pay on/off a debt). That is illegal under United States law; it's a crime, a felony.

Now, doesn't it just give you a warm fuzzy feeling to know that you are helping transfer the wealth from your fellow Americans (and yourself) to those wonderful bankers and their cronies who are deliberately destroying our economy and our country?

I believe that it was John Adams, our 2nd president, who said, "There are two ways to conquer (destroy) a country, one is by war and the other is by debt"

BTW, All of you have a great Memorial Day weekend. Enjoy the last vestiges of our Republic that so many fought & died for as we descend into Communism (fascism (corporatism), really); but, Putin said that we had failed to learn the lessons of the old Soviet Union and so have become communists. And, who would know better than the former head of the KGB?
And, the IRS, well it enforces, I believe, the 6th plank of the communist manifesto (progressive income tax) developed by Karl Marx, nephew of Baron Rothschild (owner of the Bank of England and whose descendents would also own much of the Federal Reserve). Rothschild also supported Marx, both financially and "spiritually", in the writing of the manifesto. Interesting, when you think about it, why would the wealthiest man (family) in the world support a socialist society and all those peons? Can't be the money, can it?

We're seen this a million times.

It's baloney.

Let's take just a few points. First the "Federal Reserve" is not "private". And it doesn't have "shareholders."

The term "Federal Reserve" really means the Federal Reserve System. The SYSTEM has both governmental and "private" components. The main components are as follows:

1. Board of Governors of the Federal Reserve System. Governmental entity. Members appointed by the President, confirmed by the Senate. Members can be removed by the President "for cause."

2. Federal Open Market Committee.

3. The twelve Federal Reserve banks. Nominally "owned" by member banks, but the "ownership" is not legal ownership in the same way that you "own" your property.

4. Member banks. Wells Fargo. Bank of America. Chase. A lot of other banks. These are the so-called "private" entities that are merely PART of the Federal Reserve System. "Member banks" are owned by their own shareholders. Each member bank "owns" stock in one of the twelve Federal Reserve banks, but this is not "ownership" in the sense in which you are thinking. The shareholders of these banks do not "control" the Federal Reserve System.

From an economics textbook:

The Federal Reserve System can be described as a pyramid having a private base, a mixed middle level and a public apex. At the apex stands the Board of Governors (frequently referred to as the Federal Reserve Board or FRB). [ . . .] At a level of equivalent authority to the Board itself, but in the "middle" of the public-private pyramid, stands the statutory Federal Open Market Committee. [ . . . ] The Reserve Banks are quasi-public institutions: their capital stock is subscribed by the member banks -- all national banks and about one-third of the state-chartered banks [ . . .] Off to the side stands the final element of the statutory organization, the Federal Advisory Council (FAC).

--Michael D. Reagan, "The Political Structure of the Federal Reserve System," American Political Science Review, Vol. 55 (March 1961), pp. 64-76, as reprinted in Money and Banking: Theory, Analysis, and Policy, pp. 151-152, ed. by S. Mittra (Random House, New York 1970).

More from the text:

[ . . . ] the "ownership" of the Reserve Banks by the commercial banks is symbolic; they do not exercise the proprietary control associated with the concept of ownership nor share, beyond the statutory dividend, in Reserve Bank "profits." [ . . .] Bank ownership and election at the base are therefore devoid of substantive significance, despite the superficial appearance of private bank control that the formal arrangement creates.

--Reagan, pp. 64-76, as reprinted in Money and Banking: Theory, Analysis, and Policy, p. 153, ed. by S. Mittra (Random House, New York 1970).

From another economics textbook:

[ . . . ] the member banks can exert some rights of ownership by electing some members of the Board of Directors of the Federal Reserve Bank [applicable to those member banks]. For all practical purposes, however, member bank ownership of the Federal Reserve System is merely a fiction. The Federal Reserve Banks are not operated for the purpose of earning profits for their stockholders. The Federal Reserve System does earn a profit in the normal course of its operations, but these profits, above the 6% statutory dividend, do not belong to the member banks. All net earnings after expenses and dividends are paid to the Treasury.

-- Paul M. Horvitz, Monetary Policy and the Financial System, p. 293, Prentice-Hall, 3rd ed. (1974). (Horvitz received his Ph.D. from Massachusetts Institute of Technology, and was Director of Research at the Federal Deposit Insurance Corporation. He was an assistant professor of finance at Boston University. He also served as Associate Director of Research for the Office of Comptroller of the Currency, U.S. Department of the Treasury, and as Financial Economist at the Federal Reserve Bank of Boston.)

From the Congressional Research Service:

Because the regional Federal Reserve Banks are privately owned, and most of their directors are chosen by their stockholders, it is common to hear assertions that control of the Fed is in the hands of an elite. In particular, it has been rumored that control is in the hands of a very few people holding "class A stock" in the Fed.

As explained, there is no stock in the ''system'', only in each regional Bank. More important, ''individuals do not own stock'' in Federal Reserve Banks. The stock is held only by banks who are members of the system. Each bank holds stock proportionate to its capital. Ownership and membership are synonymous. Moreover, ''there is no such thing as "class A" stock''. All stock is the same.

This stock, furthermore, does not carry with it the normal rights and privileges of ownership. Most significantly, member banks, in voting for the directors of the Federal Reserve Banks of which they are a member, do not get voting rights in proportion to the stock they hold. Instead, each member bank regardless of size gets one vote. ''Concentration of ownership of Federal Reserve Bank stock, therefore, is irrelevant to the issue of control of the system''.

--G. Thomas Woodward, Economics Division, Congressional Research Service, Report No. 96-672 E, Money and the Federal Reserve System: Myth and Reality, Congressional Research Service, Library of Congress (July 31, 1996) (italics not reproduced).

[AndyK]

I am sure that this one will generate some comments.

The Internal Revenue Service is a collection agency for the private Federal Reserve and its shareholders. Why, then, are all income tax payment checks required to be made to the US Treasury and not to the Federal Rweserve? Does the Treasury make some double-secret transfer to the Fed? All, that is 100%, of the personal income tax collected goes NOT to the government for any goods and services the government may provide but to the privately held Federal Reserve and, ultimately, to its shareholders for interest on the debt. You're crazy, you are thinking; how do you know? Astonsihing, since the Fed does NOT pay a single cent of the interest on the federal debt. The Treasury Bills, Treasury Bonds, Savings Bonds, and all other instruments of the federal debt are issued by the Treasury (which pays all the interest) and NOT NOT the Fed.
Next, the shareholders of the Fed are all banks. Their shares do not pay any interest or dividends and can not be traded to anyone.

Quite simple, really. I read extensively; especially, American history, Congressional Records (they are online - all of them), etc. Perhaps you could expand your 'extensive' reading to some authoritative sources which actually, accurately describe the functions of the Treasury and the Fed. You have fallen into the common trap of believing everything on the Internet as completely true. But, I'll make it easier for you. Find the Congressional Research Service's report on the (personal) income tax and where the money goes, circa 2006. (I don't know if you can find it online) It states what I wrote in the first paragraph, sentence 2; or, almost a trillion dollars in 2005. (Damn, I wish my great grandfather had been connected enough in 1913 to have been invited to purchase even one share in the Federal Reserve. I guesstimate that my family's take would be in the billions every year! And, that's just from owning one share!) As previously stated, unless your great grandfather were a bank, he couldn't have obtained a single share of Fed stock. Even if he had, its value today would be exactly what he paid for it -- not a single penny more. And that value includes the sum total of all dividends and interest which he would have received: $0.00 If you can't locate a copy, then download here: http://thetruthnews.info/GraceCommissionReport.pdf
That is a copy of the full report, if you don't like that site, you can also google the Grace Commission and get more information on this official government appointed "commission" that looked into the income tax under Ronald Reagan's term.
Read the report, then comment. The report (and it's important to remember the commission's charter, makeup, and political direction) made one major, and highly questionable assumption -- That 1/3 of taxes is consumed by waste and inefficiency. To date, there has been absolutely no substantiation their assumption was correct. In addition, given that there have been many presidents and congresses since the commission issued the report, one would think that these various "wastes and inefficiencies" would all have been identified and eliminated. Perhaps the Commission's "conclusions" lacked merit? Next, The Commission allocated another 1/3 of the tax revenue to non-collectable taxes based on the "underground economy." To date, no one has managed to come up with any information justifying that allocation as anything other than a wild guess. Finally, the Commission states that the remaining 1/3 of taxes goes to transfer payments and for the federal debt interest. Perhaps you were not aware that the "transfer payments" include such things as Social Security, Medicare, and payments to the states for highway construction. In simple terms, your statement concernin g the Commission's report is baseless, incorrect, and inane.

The next conclusion is, since the American taxpayer is forced to pay a tax that is really a payment on the interest on the debt, the American citizen who pays the tax has been converted into a peon (forced into slavery or involuntary servitude (because we know what will happen if he/she doesn't pay) to pay on/off a debt). That is illegal under United States law; it's a crime, a felony.

Now, doesn't it just give you a warm fuzzy feeling to know that you are helping transfer the wealth from your fellow Americans (and yourself) to those wonderful bankers and their cronies who are deliberately destroying our economy and our country?

I believe that it was John Adams, our 2nd president, who said, "There are two ways to conquer (destroy) a country, one is by war and the other is by debt"

BTW, All of you have a great Memorial Day weekend. Enjoy the last vestiges of our Republic that so many fought & died for as we descend into Communism (fascism (corporatism), really); but, Putin said that we had failed to learn the lessons of the old Soviet Union and so have become communists. And, who would know better than the former head of the KGB?
And, the IRS, well it enforces, I believe, the 6th plank of the communist manifesto (progressive income tax) developed by Karl Marx, nephew of Baron Rothschild (owner of the Bank of England and whose descendents would also own much of the Federal Reserve) Another flat-out lie. No one owns the Federal Reserve. Member banks are required to purchase and hold shares, but they don't own it.. Rothschild also supported Marx, both financially and "spiritually", in the writing of the manifesto. Interesting, when you think about it, why would the wealthiest man (family) in the world support a socialist society and all those peons? Can't be the money, can it?

Inquirer:

If you are truly interested in learning something, why do you cut-and-paste misleading and false Internet diatribes?

[AndyK]

I took a little time to go back over "the inquirer" 's history here.

He / she / it started an almost identical thread on September 8, 2012.

There is no need to (1) open a new thread on the same topic and (2) when the poster obviously refuses to listen to facts.

Thread locked.