Code 12 USC 531... SOMETHING VERY UGLY IS GOING ON...
From Greg M
Lions and friends…
Look at what got passed while they had us distracted.
12 USC 531: Exemption from taxation. Text contains those laws in effect on November 21, 2023
From Title 12-BANKS AND BANKINGCHAPTER 4-TAXATIONSUBCHAPTER I-FEDERAL RESERVE BANKS.
§531. Exemption from taxation
Federal reserve banks, including the capital stock and surplus therein and the income derived therefrom shall be exempt from Federal, State, and local taxation, except taxes upon real estate.
It's one big club and we ain't in it
This has been in the law since the inception of the Fed in 1913. See here, section 7:
https://uscode.house.gov/statviewer.htm?volume=38&page=258
"There is nothing new under the sun" - Ecclesiastes 1:9.