Why do govts raise interest rates to slow the economy instead of tax rises?

Question

With interest rate rises, the people in the most debt suffer the most. With tax rises, the highest paid suffer the most, and the govt has extra revenue to help the ones struggling the most. This is never considered by any govt. Why not?

In: 1129

Answer 1

The federal reserve, an independent body, can raise and lower rates and buy or sell bonds to influence the money duly without approval from Congress or the President. Raising and lowering taxes requires approval from the Congress which is much more difficult. However representatives from the Fed will sometimes appeal to congress to take “legislative“ action.