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US corporation tax revenues at $181bn

Monday 17 October 2011 - by Regulation Mutters

In the US, corporate income tax revenues amounted to $181bn (€130bn) in fiscal year 2011, according to budget results unveiled by the Treasury on Friday.

The corporate tax take is $13bn (€9.4bn) lower than the Treasury expected to achieve and will heap pressure on already strained public finances.

"This decrease reflected lower-than-expected payments of 2011 corporation income tax liability, attributable in large part to slower economic growth relative to what was assumed for the [Mid-Session Review]," it said.

"Delays in certain filing and payment deadlines granted by the Internal Revenue Service in response to recent natural disasters may have also contributed to the shortfall in this source of receipts."

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How much was the FY 2011 deficit? $347bn (€250)!

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