The US government has received 50% more in revenue for the first seven months of the tax year than expected according to the Congressional Budget Office.
“Revenues were $843 billion (or 39 percent) higher and outlays were $729 billion (or 18 percent) lower than during the same period a year ago,” CBO said.
The deficit for the first seven months of fiscal year 2022 is just $360 billion, its lowest in years.
“Receipts collected through April 2022 were significantly greater than CBO estimated when it last published baseline projections in July 2021.
On the basis of collections so far this year, revenues in 2022 are likely to total between $400 billion and $500 billion more than CBO anticipated last summer,” they say.
Some of it is attributed to a difference in tax-filing deadlines following a tax rise in high earners that led to many billionaires selling last year prior to the higher rate.
Some however is attributed to growth with stronger-than-expected income growth seen throughout 2021 and so far in 2022.
April is in surplus, with corporate tax revenues seeing an increase of 21% as well by $38 billion.
Personal income taxes rose by $760 billion, making this one of the best year for the government.