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3 answers

As the other two answers have said, income taxes go into the general fund.

The Federal Reserve does hold about $800 billion of the U.S. Government debt. In 2006, the U.S. Government paid a little over $36.5 billion to the Federal Reserve as interest on the debt the Federal Reserve holds. However, what some people don't realize, is the Federal Reserve returns excess income to the U.S. Treasury. In 2006, the Federal Reserve paid $29.1 billion to the U.S. Treasury. This can clearly be seen on the independently audited financial statements of the Federal Reserve.
http://www.federalreserve.gov/boarddocs/rptcongress/annual06/pdf/audits.pdf
Page 23.

2007-11-05 05:15:41 · answer #1 · answered by NGC6205 7 · 3 0

None. Taxes go to the US Treasury's General Fund. From there, Congress decides what to spend the money on. The "Fed" has nothing to do with it, aside from being a channel through electronic payments and refunds flow.

2007-11-05 12:27:06 · answer #2 · answered by Bostonian In MO 7 · 2 0

Zero

It all goes in to the General Fund for Congress to spend as it sees fit.

Have you been readying Tax Protester websites?

2007-11-05 12:06:22 · answer #3 · answered by Wayne Z 7 · 3 0

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