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(A) An excise tax is hereby imposed on the monetization-fee or interest income of all
financial institutions or persons, subject to the jurisdiction of the United States, who make commercial
loans of currency for profit. The amount of the excise tax is calculated upon the annualized rate of the
monetization-fee or interest:
(1) For loans secured with physical property —
(a) No excise tax imposed on income received at rates less than 5 percent; plus,
(b) An excise tax of 10 percent on the portion of income received at rates between 5 percent and
12 percent; plus,
(c) An excise tax of 20 percent on the portion of income received at rates exceeding 12 percent.
(2) For unsecured loans —
(a) No excise tax imposed on income received at rates less than 10 percent; plus,
(b) An excise tax of 20 percent on the portion of income received at rates between 10 percent and
20 percent; plus,
(c) An excise tax of 40 percent on the portion of income received at rates exceeding 20 percent.
(B) The excise taxes hereby imposed will be deposited within three working days of receipt of that
income with any authorized federal depository which will transfer these funds to the Treasury Reserve
Account.
Read Explanation and Details for Section 8. |