Treacy: The Fed to my knowledge pays no taxes but contributes part of its
profits to the Treasury. This subject was one that was near and dear
to Congressman Wright Patman of Texas. He used to be concerned with
the fact that the Fed was not subject to Congressional oversight
in its spending. On occasion he would hold hearings and ask about
expeditures on ice sculptures at their wing dings, An old friend who
used to work for the Dallas Fed once told me that the ice sculptures
was the most visable form of their extravgence.
He pointed out that the plain black Fords driven by Fed officals
all were air conditioned, automatic shifts, and police interceptor
engined long before this became common for the ordinary American.
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On Sat, 10 Dec 1994, Michael Perelman wrote:
> Does anybody know off hand how much the Fed pays in taxes and what share
> it is of the total corporrate tax contributions? How has the share increased
> over time?
>
> I remember that it was a relatively high percentage.
> --
> Michael Perelman
> Economics Department
> California State University
> Chico, CA 95929
>
> Tel. 916-898-5321
> E-Mail [EMAIL PROTECTED]
>
