All this means is that the base money supply is adjusted at different times, and in different quantities.

FORBES: The 10 Minute Gold Standard: It's Much Easier Than You Think

About 75% of states base personal income taxes on federal adjusted gross income.

FORBES: Tax torture, local style

The 1933-34 devaluation of the dollar caused the money supply to grow by over 60% from April 1933 to March 1937, and over that same period the monetary base grew by over 35% and adjusted reserves grew by about 100%.

WSJ: Arthur B. Laffer: Taxes, Depression, and Our Current Troubles