The Fiscal Effects of the Federal Reserve

2 Pages Posted: 26 Jan 2012 Last revised: 4 May 2012

Date Written: January 23, 2012


The Federal Reserve's policies have large and growing fiscal effects that most tax analysts are unaware of. For example, its deposits to the Treasury amount to almost 4 percent of federal revenues. And in the National Income and Product Accounts, the Fed accounts for almost 25 percent of all corporate tax receipts.

Errata: There are typos on page 2. The figures should read 9.2 cents for $20 and $50 bills, and 7.7 cents for each $100, not $9.2 and $7.7.

Keywords: Federal Reserve, National Income and Product Accounts

JEL Classification: H20, E01, E58, E62

Suggested Citation

Bartlett, Bruce, The Fiscal Effects of the Federal Reserve (January 23, 2012). Tax Notes, Vol. 134, No. 4, p. 471, 2012, Available at SSRN:

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