GA to the Fed Reserve ATL Branch:

[nobody's_hero]

'Pay your damned taxes!'

GA House Bill 466 (http://www.legis.ga.gov/legis/2009_10/sum/hb466.htm)


To amend Article 2 of Chapter 7 of Title 48 of the Official Code of Georgia Annotated, relating to imposition, rate, computation, and exemptions regarding income taxes, so as to provide that federal reserve banks and branches located in Georgia shall not be exempt from state income tax; to provide for legislative findings; to provide an effective date; to repeal conflicting laws; and for other purposes.


(b) The General Assembly finds that the Constitution of the United States does not authorize Congress to prevent states from imposing income taxes on privately owned corporations. Consequently, the General Assembly finds that 12 U.S.C. Section 531 which exempts federal reserve banks from state income tax is null and void and finds further that federal reserve banks are subject to state income tax.

Liberty lovers, it ain't enough just to see bills like this, the Indiana Honest money bills, and the state sovereignty resolutions simply being introduced.

We need to get out there and get some things passed.

[Perium]

I never realized that the local fed branches dont pay state income tax. Do you know if the local employee's pay tax on there income, id assume yes?

[UtahApocalypse]

man this country is changing fast. Seems that the states are finally waking up and not going to take it any more.

[fr33domfightr]

This is hilarious. It also shows that people are finally starting to get it.


12 U.S.C. Section 531 which exempts federal reserve banks from state income tax

Let me guess, was this something passed as part of The Federal Reserve Act in 1913? I wouldn't doubt it.


FF

[RSLudlum]

I never realized that the local fed branches dont pay state income tax.

Maybe they don't pay taxes because the central bankers learned their lesson from the the 2nd BUS, state taxes, and a true sense of Federalism/States' Rights, therefore there is probably a provision not requiring them to pay. Many states started taxing the BUS branches and Ohio state officials even went so far as to go into the BUS's branch vault themselves and take the taxes ($100,000) the bank owed. This is where Marshall's famous quote 'The power to tax is the power to destroy' came from (, although he was defending the BUS's side in the arguement.)

[Athan]

My god.. they don't even fucking pay taxes? Sons of bitches!

[ihsv]

bump for revenge ;)

[Ex Post Facto]

Yay for FREEDOM!!! Let Freedom Ring. Although I'm against taxation if we are gonna have it everyone should get taxed even the government. Have the government pay taxes on all their work projects back to us. So everytime they make a contract we all get a check on the taxes.

[ihsv]

Corporate taxes on private corporations are quite constitutional :D

[Ex Post Facto]

At this rate there is gonna be a whole bunch of States I might happily move to.

[nobody's_hero]

This went out in a GA Constitution Party Email:



Representative Bobby Franklin Presents Bill to Close Loophole Exempting Federal Reserve Bank of Atlanta from Billions in Taxes


For Immediate Release
Contact: Bobby Franklin 404-656-0152

During his twelve years in the Georgia House of Representatives, Bobby Franklin (R-East Cobb) has demonstrated that he is a relentless crusader for lower taxes and for fiscal responsibility. Now Franklin is proposing a dramatic measure to “close an enormous loophole created by breathtaking favoritism that has bestowed literally billions of dollars in tax exemptions upon the Federal Reserve Bank of Atlanta.”


“I have never sponsored or voted for legislation to either create new taxes or to increase the tax burden of individual Georgians or Georgia businesses. Let me be clear that House Bill 466 which I introduced on Tuesday, February 17, 2009, does not create a new tax. It simply makes sure that the Federal Reserve Bank of Atlanta, a private entity -- in spite of the word ‘federal’ in its name, is treated just the same for tax purposes as every other private business and private bank located in Georgia,” Franklin declared in remarks distributed today.


Franklin asserted that the “net financial result of eliminating the grossly unfair tax advantage that has been lavished upon the Federal Reserve Bank of Atlanta for nearly a century will be more than enough to resolve our budget woes.” [LOL, awesome :D] Representative Franklin stated, “We are all well-aware that Georgia is facing an unprecedented budget crisis. The notion that President Obama’s so-called stimulus package will provide dollars to resolve the state’s financial problems will shortly be revealed as false. That hype will soon evaporate like the morning fog. Then the looming question will be: ‘what in the world are we going to do?’”


“I am confident,” Franklin insisted, “that Georgians think it is fundamentally unfair to allow the super-bankers and their wealth-engine, the Federal Reserve Bank of Atlanta, to be tax-exempt. Georgians will ask: ‘How can any responsible political leader oppose requiring the biggest bank in Georgia to pay its fair share? How is it that community banks in Marietta, Dalton, Dublin, Valdosta, and every other Georgia town are taxed, while one private bank has a free ride? How is it fair to make struggling Georgia mom and pop businesses pay taxes while the colossal Fed does not pay one penny in taxes?’”

Feel free to call up Bobby Franklin (who is actually Andrew Jackson reincarnated, perhaps?) whether you are a GA resident or not; he deserves some praise for standing up for the Constitution. He also introduced HB 430 this week, GA's version of the Constitutional Tender Act. (http://constitutionaltender.com/)

HB 466 (http://www.legis.ga.gov/legis/2009_10/versions/hb466_LC_18_8106T_a_2.htm) will essentially force the U.S. government to come clean about the Fed:

Either the Federal Reserve is a private bank (and therefore subject to all of the taxes and restrictions imposed on a private bank), or it is an unconstitutional monstrosity which in fact does receive its order from the government, and therefore Congress should not continue to pretend like it is powerless to audit the Fed or question what goes on behind closed doors (or what Mr. Bernanke talks about when he goes and meets with world economic leaders in Europe).

[Stary Hickory]

I never realized that the local fed branches dont pay state income tax. Do you know if the local employee's pay tax on there income, id assume yes?

Well they cannot be audited. So yeah.

I hope this passes, F@&# the FED. I hope they burn in hell. This is great news, sooner or later one state will draw first blood and many will follow.

[Stary Hickory]

I emailed him, very good guy. We need more like him.

[Elwar]

This would be nice if it went through. Of course...one House member, a law does not make.

[Matt Collins]

Just ask the former President of the ATL Federal Reserve. He lives a few miles from me and his e-mail address is public:

http://mtsu32.mtsu.edu:11489/aboutchair.htm
http://www.businesslab.mtsu.edu/fwp/facultyCSS.cfm?facultyID=85

Contact former ATL Fed President Professor William F. Ford, by email at wfford@mtsu.edu or call 615-898-2889