Federal tax receipts are soaring, increasing $627 billion over the last year, according to a new report released by the Congressional Budget Office. Total federal revenues increased 18% in fiscal 2021, the largest one-year increase in 44 years, and exceeded $4 trillion for the first time ever.

Corporate taxes saw the largest increase, jumping 75% over a year ago. Corporate tax collections increased $158 billion to $370 billion, the highest level of corporate taxes ever collected. The surge in corporate taxes far exceeded the revenue estimates from earlier this year. Total corporate taxes are $132 billion, or 55%, higher than the CBO estimated in July, and $206 billion, or 125%, higher than the CBO projected in February of this year.