The other thing you gotta keep in mind with U.S. income taxes is there are a huge number of tax credits, tax exemptions, and tax deductions that reduce the amount people owe.
As a result, the government's balance sheet immediately fell into negative territory and did not recover, implying that wealthy individuals and companies did not invest back into the economy.
That could force Ant to keep much more of the credit that it originates on its books; currently, 98% is held as assets by other firms, off Ant's balance-sheet.
The Fed also unveiled a plan to start reducing its nearly $9trn balance-sheet from June, and accelerate the pace of sales in September, intensifying its battle against inflation.
It has begun offering niche products tied to areas like a single harvest or debt with an unusual term structure, such as four years rather than five or ten.