Record tax receipts will lead to the largest-ever monthly budget surplus for the federal government, congressional analysts said in a new report, as Americans hand over more money to Washington.
The nonpartisan Congressional Budget Office estimates the April surplus will total $218 billion, breaking the prior record of nearly $190 billion notched in April 2001.
Greater-than-expected tax receipts drove the surplus, CBO said, noting the record $515 billion in receipts for the month was as much as $40 billion more than the agency estimated about a month ago.
The agency chalked up the difference to greater payments of individual income taxes in April, when tax returns and certain taxpayers’ quarterly estimated payments are due. The reasons for higher payments were twofold, CBO said.
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