Is the U.S. Federal Reserve Bank privately owned by an anonymous group of people that aren't held accountable?

Question

And, who can provide the legal document that states that federal income tax is legal and, indeed, constitutional?

Answer 1

- No, there is no individual ownership of shares in the Federal Reserve system. However there is 'buy in' of sorts at the branch level by member banks.

To summarize...

The Federal Reserve System is organized with a government agency at the top (the Board of Governors), and branches beneath them that resemble private corporations. (http://www.federalreserveeducation.org/fed101/structure/ )

The Board of Governors are all appointed for 14-year terms by the president and confirmed by congress. It operates per it's charter and laws set by congress. it is overseen by congress. There is no structure or mechanism for private ownership at this level. Board members themselves are forbidden by law to have any economic interest in a private bank.

The 12 branches, however, are organized similar to private corporations. Member banks are required to buy shares in their branch. They can vote for 6 of their 9 board members. The shares get a standard 6% dividend. These shares cannot be sold on the open market. All 'profit' from the Federal Reserve branches are turned over to the Treasury at the end of the year. Is this private ownership? It is the subject of much debate. The Feds response: http://www.federalreserve.gov/generalinfo/faq/faqfrbanks.htm#6 )


- The Income Tax law is codified in title 26 if the U.S. legal code:

http://www.law.cornell.edu/uscode/html/uscode26/usc_sup_01_26_10_A.html
http://www.law.cornell.edu/uscode/html/uscode26/usc_sec_26_00006012----000-.html
http://www.law.cornell.edu/uscode/html/uscode26/usc_sec_26_00000001----000-.html
http://www.law.cornell.edu/uscode/html/uscode26/usc_sec_26_00000003----000-.html
http://www.law.cornell.edu/uscode/html/uscode26/usc_sec_26_00006651----000-.html

Some people have tried to avoid paying taxes but this has never won in court (though there was a recent case of a women who avoided tax *evasion* charges when she couldn't get a straight answer from the IRS regarding the law but she was still liable for the taxes).

For more details on this type of arguments, check out:

http://en.wikipedia.org/wiki/Tax_protester_constitutional_arguments
http://en.wikipedia.org/wiki/Tax_protester_statutory_arguments
http://en.wikipedia.org/wiki/Tax_protester_conspiracy_arguments

For the IRS view:

http://www.irs.gov/taxpros/article/0,,id=159853,00.h

Answer 2

No, the fed is a government-ran organization. The Federal Income Tax is explained in the US Constitution under Amendment XVI which states "The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several states, and without regard to any census or enumeration." To answer your question, there actually is some doubt as to whether or not that amendment was properly radified by the states when it was added to the constitution. If it wasn't, then no, it is not a technically a constitutional amendment.

Answer 3

The Federal Reserve Bank is an agency of the US Government.
This question has been posted and answered before.

Answer 4

In essence, yes. Just like the IMF and the World Bank are controlled by a small elite. Don't know about tax document thing.

Answer 5

You for sure don't comprehend the purpose of the Federal Reserve financial corporation. in assessment to advertisement banks interior the indoors maximum sector, e.g., financial corporation of u.s., Wells Fargo, and so on., the FRB is the U. S. government's place to deposit the monies it gets from taxes, responsibilities, expenditures, and so on., and from which to pay its charges. i choose to advise you examine up on US history, to boot via fact the U. S. shape and the Federalist Papers, for added history training. Heck, check out their web site for training.

Answer 6

Yes, they are known as the Illuminatti