For those of you who are under the impression that the Federal Reserve is a Gov't entity I ask you this: What other Gov't agency has Shareholders? FRB: Federal Reserve Act: Section 7 Well ok, they're not a Gov't agency, but surely they must pay taxes on what they make right? I mean, every privately owned bank pays taxes on earnings right? Not the "Non-Federal" Reserve: Oh but they graciously pay property taxes. How nice of them! I wish I was exempt from Federal, State and Local taxation!