US Sees Smaller April Budget Surplus on Lower Tax Receipts

The US saw a smaller budget surplus in April — a key month for federal revenues — as individual and corporate tax receipts dropped in the wake of President Donald Trump’s signature tax cut legislation.

The April surplus was $215 billion, down 17% from the excess recorded in April the previous year. Total revenue came in at $837 billion for April, down 2% from a year before, the Treasury Department said in a release Tuesday. Individual tax withholdings plus Social Security and Medicare taxes came in at $288 billion, down 6%, while gross corporate levies amounted to $89 billion, marking a decline of 8%.