The Congressional Budget Office is reporting that the federal government took in $515 billion in April. With outlays only $218 billion, the $190 billion surprlus represents the largest in history.
What’s more, the CBO said that the surplus was $40 billion more than expected.
Analysts said they’ll have a better idea of what’s behind the surge as more information rolls in, but for now said it looks like individual taxpayers are paying more because they have higher incomes.
“Those payments were mostly related to economic activity in 2017 and may reflect stronger-than-expected income growth in that year,” the analysts said in their monthly budget review. “Part of the strength in receipts also may reflect larger-than-anticipated payments for economic activity in 2018. The reasons for the added revenues will be better understood as more detailed information becomes available later this year.”
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