Paul A. Volcker, the Federal Reserve chairman, received an urgent warning two weeks after Ronald Reagan won the 1980 presidential election. Some of the president-elect’s advisers, he was told, wanted to abolish the central bank and replace it with a computer program that would manage interest rates and monetary policy. Today, a Democratic Fed leader is once again bracing to see whether victorious and emboldened Republicans will try to overhaul the central bank. In almost three years as the Fed’s chairwoman, Janet L. Yellen has led an aggressive campaign to stimulate economic growth. Donald J. Trump, the president-elect, has...Read More
Inflation-adjusted federal tax revenues hit a record $222 billion in the first month of fiscal year 2017, but the federal government still ran a $44 billion deficit during that time, according to the latest monthly Treasury Department statement. Treasury receipts include tax revenue from individual income taxes, corporate income taxes, social insurance and retirement taxes, unemployment insurance taxes, excise taxes, estate and gift taxes, customs duties, and other miscellaneous items. In the first month of fiscal 2017, the amount of taxes collected by the federal government outpaced the first month of all previous fiscal years, even after adjusting for inflation....Read More
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