A record number of tax receipts submitted has created the largest-ever monthly budget surplus, MarketWatch reports.
The April surplus will be $218 billion according to the Congressional Budget Office. This total eclipses the previous record of $190 billion set in April of 2001.
The CBO attributes the surplus to more tax receipts being submitted than previously anticipated. The office received $515 billion in receipts for April which was roughly $40 billion more than expected.
The CBO argues the difference is due to a higher volume of individual income taxes paid in April.
“Those payments were mostly related to economic activity in 2017 and may reflect stronger-than-expected income growth for that year. Part of the strength in receipts also may reflect larger-than-anticipated payments for economic activity in 2018,” the agency stated.
The previous record for said receipts was set in April of 2015, totaling $472 billion.
When first announced, the common notion was that President Trump’s tax bill would result in more money going into workers pockets. The CBO noted withheld taxes increased in April due to the fact that wages and salaries were higher. The share of wages withheld, however, decreased due to the new tax laws.
Several prominent democrats including Nancy Pelosi, Bernie Sanders, Barack Obama and others, have criticized the tax cuts. Sanders even stated the tax GOP tax bill would be “remembered as one of the greatest robberies in American history.”
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Weather the tax cuts will remain effective over time remains to be seen. For now, however, the evidence of their impact is irrefutable.