Linked by David Adams on Fri 29th Jul 2011 03:15 UTC
In the News Apple is now more liquid than the United States government, the Financial Post reports. As the government struggles to resolve the debt ceiling debate, the operating balance in Washington is at US$73.768 billion and falling. Meanwhile, Apple has US$75.876 billion.
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RE: 75 billion
by chmeee on Sat 30th Jul 2011 23:17 UTC in reply to "75 billion"
chmeee
Member since:
2006-01-10

If we taxed that at the rate we used to (c. 1960 rates), we wouldn't have a deficit now.


You are quite wrong with that. As is said elsewhere, "it's the spending, stupid." No time in history has the government collected more than roughly 20% GDP in revenue (taxes, fees, etc). However, the proposed budget for next year is 25+% GDP. Considering this, even taxing at WW-II rates, there is still a 4 percentage point gap of revenue vs spending.

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