Interest owed to Fed

[robert4rp08]

I recall Dr. Paul saying how much interest is owed to the fed on a daily basis. I vaguely recall the figure being $1.4 billion. Can anyone confirm or deny it? And provide a source? Thanks!

[Austin]

$243.7 billion (+13.4%) - Interest on debt
$244 Billion / 365 Days = $668 Million a day

Wow......

[robert4rp08]

$244 Billion / 365 Days = $668 Million a day

Wow......

Thanks!!!

[John of Des Moines]

The interst paid the Fed is equal to the total amount of personal income tax collected by the IRS, per the Grace Commission.

[Austin]

The interst paid the Fed is equal to the total amount of personal income tax collected by the IRS, per the Grace Commission.

Are you sure about that? Personal income taxes collected last year was around 1.2 Trillion, about 5 times as much. Perhaps I am misunderstanding the Grace Commission.

[RoamZero]

I thought the Federal Reserve actually returned most of its income to the government every year. I know it is a semi-private institution but are you sure it is a for-profit one?

[RSLudlum]

Are you sure about that? Personal income taxes collected last year was around 1.2 Trillion, about 5 times as much. Perhaps I am misunderstanding the Grace Commission.


The Grace Commission was reported during the Reagan Admin in 1984, so you would have to use the numbers from that time.

Here's the quote everybody refers to in your statement:


"With two-thirds of everyone's personal income taxes wasted or not collected, 100 percent of what is collected is absorbed solely by interest on the Federal debt and by Federal Government contributions to transfer payments. In other words, all individual income tax revenues are gone before one nickel is spent on the services which taxpayers expect from their Government."

[Chester Copperpot]

I thought the Federal Reserve actually returned most of its income to the government every year. I know it is a semi-private institution but are you sure it is a for-profit one?

this is a misunderstanding.. what the Fed does is remits interest it earns on Treasury debt that it directly holds back to the federal govt (minus a couple billion for operating expenses) However they make a heck of a lot more money than that.

this is a smoke and mirrors to fool the people because without any auditing there is no way to know what the fed is doing.. interest income isnt remitted if the bond is held by a member bank and the fed doesnt return any other profit that it makes loaning out money to banks.. and boy do they earn money

it is DEFINITELY for profit.. They definitely MAKE profit, but of course they pay no income tax,

[Chester Copperpot]

Are you sure about that? Personal income taxes collected last year was around 1.2 Trillion, about 5 times as much. Perhaps I am misunderstanding the Grace Commission.

you cant go by the govts own released numbers theyre always fudged.. Thats why Reagan brought in Peter Grace and the comission to see wtf is the real deal.

The income tax was created to finance the federal reserve, and that is what it is used for. The income tac doesnt build roads or pay for congressman's salaries or schools, etc. nothing like that at all.. It simply services interest on our debt, and allows us to keep printing money out of thin air.