(Bloomberg) -- The US Treasury’s cash balance surged on Monday as payments poured in at the government’s mid-April deadline for income taxes. 

The cash pile rose by $172 billion to $897 billion on Monday, the highest since May 2022, according to data released Tuesday. That’s the largest increase since the 2022 tax collection deadline. 

Taxpayers are expected to owe Uncle Sam more this year than usual due to higher incomes and a booming stock market. How much Treasury collects could have implications for not only government debt issuance, but also for bank funding as taxes tend to be paid out of accounts at depository institutions. 

There was also settlement of mid-month coupon auctions that raised about $52 billion of new cash on net, data show.

Read More: Tax Deadline Is Pivotal for Funding Markets, Fed’s Balance Sheet

Treasury collected roughly $63.5 billion in corporate taxes on Monday, in addition to $86.6 billion in non-withheld individual electronic payments, and another $4.66 billion in non-withheld individual “other” payments, or paper filings, the statement shows. 

By comparison, Wrightson ICAP estimated an $863 billion cash balance on April 15, with about $59 billion of corporate taxes collected, $72 billion via e-filings and another $6 billion from paper submissions. 

To date, Treasury has collected roughly $290 billion in tax-related income this month, according to the latest data. Two years ago, the government collected nearly $600 billion in tax revenues due to an exuberant stock market and a powerful economic recovery, according to government figures. 

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