The federal government gained a record sum in taxes during the month of April, marking its largest monthly budget surplus ever, according to the Congressional Budget Office.
According to the report, the United States spent $297 billion last month, but took in a whopping $515 billion in taxes, giving us a surplus of $218 billion and beating the previously held record of $190 billion back in 2001.
CBO analysts were reportedly surprised by the outcome after predicting the surplus to be $40 billion less and attributed it to “stronger-than-expected” economic growth last year and this year, as taxpayers had more money in their pockets for Uncle Sam to take.Alex Wong/Getty Images
“Those payments were mostly related to economic activity in 2017 and may reflect stronger-than-expected income growth in that year,” they explained in their report.
“Part of the strength in receipts also may reflect larger-than-anticipated payments for economic activity in 2018,” the report added. “The reasons for the added revenues will be better understood as more detailed information becomes available later this year.”
The highly contested budget was labeled by Democrats as “an attack on working-class families,” as proposed cuts would supposedly hurt low-income families while helping the wealthy. While April brought good news, the CBO has indicated that we’re still behind for fiscal year 2018.
“The federal budget deficit was $382 billion for the first seven months of fiscal year 2018, the Congressional Budget Office estimates, $37 billion more than the shortfall recorded during the same period last year,” the CBO reported. “Revenues and outlays were higher, by 4 percent and 5 percent, respectively, than they were during the first seven months of fiscal year 2017.”
Although the CBO is typically accurate with its estimates within a couple billion dollars, the Treasury Department is also set to release its own official report on the numbers in the coming days.