The conspiracies surrounding the Fed are numerous, but based upon myths. It is a product of Congress and will always be as responsive to the will of the representatives as they demand. It is nothing more than the clearing bank for Treasury charged with making sure the checks don't bounce.

Its combined balance sheet with Treasury means it can't make a "profit" above its expenses and allowed fees, as any such gains would be reflected as a wash that only reduced Treasury's debt. It has the added responsibility to fix interest rates via its activity in the secondary bond market and to oversee the actions of its members.

Only Congress can create net dollar denominated monetary assets in the private sector, so it never needs to "borrow" and is not dependent upon present or past revenue positions to enable its spending. When it creates those monetary assets it does so by authorizing the Fed to mark up Treasury's spending account, which is nothing more than keystrokes on a computer.

Tax collections do nothing more than reverse the process of money creation, uncreating monetary assets and reducing the tracking entity called "debt". The federal government neither has, or doesn't have, money to spend, so taxation, like borrowing, is not a "funding" mechanism for the monopoly issuer of the nation's currency.