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Does the Fed Pay Taxes？

Nov 21, 2011 (Wealthcycles.com)

A fairly logical question came into our email box today from Sylvia, who asked:

“Since the Federal Reserve is a Private organization that lends to the USA, do they pay business taxes like all other businesses?”

The Federal Reserve gives all the answers on its website. However their answers are fairly confusing for even the most sophisticated readers.

Officially, the Federal Reserve is not geared to make a profit. From the Fed’s website:

“Federal Reserve Banks are not, however, operated for a profit, and each year they return to the U.S. Treasury all earnings in excess of Federal Reserve operating and other expenses.”

So if the Fed just happens to make a profit, the money is returned to the United States Government. Of course, this is minus the Federal Reserve’s expenses. Also from the Federal Reserve’s website: “(The Federal Reserve) is not ‘owned’ by anyone and isnot a private, profit-making institution.”

These answers would make it seem as if the Federal Reserve is a part of the government. However, then we read:

“The 12 regional Federal Reserve Banks, which were established by the Congress as the operating arms of the nation's central banking system, are organized similarly to private corporations--possibly leading to some confusion about ‘ownership.’ For example, the Reserve Banks issue shares of stock to member banks. However, owning Reserve Bank stock is quite different from owning stock in a private company. The Reserve Banks are not operated for profit, and ownership of a certain amount of stock is, by law, a condition of membership in the System. The stock may not be sold, traded, or pledged as security for a loan; dividends are, by law, 6 percent per year.”

So, to answer Sylvia’s question: From a business point of view, the Federal Reserve does send money to the U.S. government; however, that remittance is not called taxes. The Fed also has non-voting shareholders that receive a 6% dividend that is included in overall expenses before taxes. After the shareholders are paid, the Federal Reserve is ‘taxed’ at 100%