January 1, US sees its biggest revenue spike in 44 years

Analysts say that despite a pandemic and a recession, revenues jumped 18 percent during the fiscal year that just closed — the biggest one-year jump since 1977.

The nonpartisan Congressional Budget Office (CBO) found that government revenues topped $4 trillion for the first time.

“They are just booming,” said Mark Booth, a former top revenue forecaster at the CBO. “It is very unusual.”

The CBO says corporate tax receipts drove the increase, which jumped by 75 percent.

“Usually revenues get hit hard in the year after a recession,” Booth said. “This time it is the opposite.”

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US sees biggest revenue surge in 44 years despite pandemic