Apple has more cash than the federal government

[Bad_Daddy 2,209]

http://news.yahoo.com/blogs/ticket/apple-more-money-federal-government-163023405.html

By Chris Moody | The Ticket – Fri, Jul 29, 2011

Who's ready for iAmerica?

As the BBC has reported, the software company Apple has more cash on hand than the United States federal government, according to the company's financial records.

Apple's quarterly financial report shows that the company responsible for the iPad, iPod and the iPhone now has $76.4 billion in reserve cash, while the Treasury Department is sitting on just $73.7 billion.

The feds could probably learn a thing or two from Apple's success. Congress remains embroiled in a debate over spending and whether the federal government, which currently owes trillions in debt, should be allowed to borrow even more. International credit rating agencies have threatened to downgrade the national debt for the first time in the nation's history if Washington doesn't come up with a solution to lift the $14.3 trillion debt ceiling while implementing a concrete plan to get the nation's financial house in order.

Meanwhile, Apple's financial report shows that the company's profits, even through the last recession, are booming.

[Karee 4,191]

I guess borrowing money from Apple would be better than borrowing from the Chinese.

[Ban Hammer 13,491]

apple needs to be taxed more!

[Rebecca Jo 1,962]

apple needs to be taxed more!

Apple (and other companies like it) needs to be taxed more if they don't take the cash they are holding and invest it back into their business. IE job creation.

[웃 910]

apple needs to be taxed more!

Tell us something we don't know, that is a no brainer!!!

6/3/11

Tomorrow (Sat/4), the economic justice organization US Uncut is protesting Apple Computers for trying to avoid paying $4 billion in federal taxes and for joining a corporate tax cheat lobbying group.

Google 2.4% Rate Shows How $60 Billion Lost to Tax Loopholes

Google Inc. cut its taxes by $3.1 billion in the last three years using a technique that moves most of its foreign profits through Ireland and the Netherlands to Bermuda.

http://www.bloomberg.com/news/2010-10-21/google-2-4-rate-shows-how-60-billion-u-s-revenue-lost-to-tax-loopholes.html

[Karee 4,191]

Apple (and other companies like it) needs to be taxed more if they don't take the cash they are holding and invest it back into their business. IE job creation.

Tax them more and they'll just move everything to India.

[one...two...tree 2,762]

Tax them more and they'll just move everything to India.

Bullsh!t. For one, Apple already has all of its manufacturing done in places like China. Apple and a lot of other innovation companies are here in the states because, at least for now, that's where the creative minds are and I doubt that most of those employees would be willing to relocate to India just so Apple can keep even more of its profits.

[Karee 4,191]

Bullsh!t. For one, Apple already has all of its manufacturing done in places like China. Apple and a lot of other innovation companies are here in the states because, at least for now, that's where the creative minds are and I doubt that most of those employees would be willing to relocate to India just so Apple can keep even more of its profits.

Bury your head in the sand if you like. I called Amex when I was in Delhi. I was talking to someone right down the street. Granted call centers and Manufacturing are different, but it's all going overseas. Everytime I open new telephone box it says "Made in Thailand" Get it yet?

[one...two...tree 2,762]

Bury your head in the sand if you like. I called Amex when I was in Delhi. I was talking to someone right down the street. Granted call centers and Manufacturing are different, but it's all going overseas. Everytime I open new telephone box it says "Made in Thailand" Get it yet?

You don't seem to grasp that Apple's essence - it's innovators and engineers are not easily replaceable, while their manufacturing is already done overseas. So making Apple pay its fair share of corporate taxes isn't going to suddenly make them close shop in Cupertino, CA, which by the way, isn't exactly a tax haven either. People need to stop making excuses for why corporations aren't paying their fair share of taxes. Meanwhile, our debt continues to mount and the Right Wingers answer is to starve government programs like Social Security and Medicare. If they pull this off, it will be the biggest bamboozle on the American public in history. Then say goodbye to any chance of a full economic recovery.

[spookyturtle 9,466]

Bullsh!t. For one, Apple already has all of its manufacturing done in places like China. Apple and a lot of other innovation companies are here in the states because, at least for now, that's where the creative minds are and I doubt that most of those employees would be willing to relocate to India just so Apple can keep even more of its profits.

You don't seem to grasp that Apple's essence - it's innovators and engineers are not easily replaceable, while their manufacturing is already done overseas. So making Apple pay its fair share of corporate taxes isn't going to suddenly make them close shop in Cupertino, CA, which by the way, isn't exactly a tax haven either. People need to stop making excuses for why corporations aren't paying their fair share of taxes. Meanwhile, our debt continues to mount and the Right Wingers answer is to starve government programs like Social Security and Medicare. If they pull this off, it will be the biggest bamboozle on the American public in history. Then say goodbye to any chance of a full economic recovery.

Bingo!! Apple has about $76 billion in cash, much of it sitting outside the country just to avoid paying taxes on it. Their brain trust is here in the US, their production facilities are in 3rd world countries. Check out working conditions at Foxconn, one of Apples major manufacturers.

[scandal 951]

You don't seem to grasp that Apple's essence - it's innovators and engineers are not easily replaceable, while their manufacturing is already done overseas. So making Apple pay its fair share of corporate taxes isn't going to suddenly make them close shop in Cupertino, CA, which by the way, isn't exactly a tax haven either. People need to stop making excuses for why corporations aren't paying their fair share of taxes. Meanwhile, our debt continues to mount and the Right Wingers answer is to starve government programs like Social Security and Medicare. If they pull this off, it will be the biggest bamboozle on the American public in history. Then say goodbye to any chance of a full economic recovery.

Steve, I'm all for closing tax loopholes. I also believe we need significant reform of SS and Medicare, including steps like reindexing the inflation rate not to CPI but to wage growth, and raising eligibility ages towards 70+ to reflect longer lifespans. Do you support such measures? As much as I disdain the Grover Norquist Right which is unwilling to raise a penny of new tax revenue, I think the extreme left who is unwilling to make serious changes to entitlements are equally out of touch.

[Karee 4,191]

Steve, I'm all for closing tax loopholes. I also believe we need significant reform of SS and Medicare, including steps like reindexing the inflation rate not to CPI but to wage growth, and raising eligibility ages towards 70+ to reflect longer lifespans. Do you support such measures? As much as I disdain the Grover Norquist Right which is unwilling to raise a penny of new tax revenue, I think the extreme left who is unwilling to make serious changes to entitlements are equally out of touch.

Ron quit calling him Steve. It gives people that are named Steve a bad name.

[scandal 951]

Ron quit calling him Steve. It gives people that are named Steve a bad name.

I don't know you, you don't know me, and we are not on a first name basis.

Steve and I are friends, off VJ as well as on. That gives me the right to address him as a friend, and you no such right.

[Mr. Big Dog 10,747]

Steve, I'm all for closing tax loopholes. I also believe we need significant reform of SS and Medicare, including steps like reindexing the inflation rate not to CPI but to wage growth, and raising eligibility ages towards 70+ to reflect longer lifespans. Do you support such measures? As much as I disdain the Grover Norquist Right which is unwilling to raise a penny of new tax revenue, I think the extreme left who is unwilling to make serious changes to entitlements are equally out of touch.

Spot on. The most under-discussed issue in regards to entitlements is the cost of our health care delivery and the scope of what public coverage should be. Pharma, Medical device manufacturers, hospitals, doctors and fee-for-service need to be part of the solution of exploding health care costs. Nobody is talking about that. Them fat cats and this insane compensation system are entirely off the radar. As long as that is the case, you can restructure Medicare and Medicaid all you want and the health care sector - already consuming close to one out of every five dollars - is still going to take this economy down.

[one...two...tree 2,762]

Steve, I'm all for closing tax loopholes. I also believe we need significant reform of SS and Medicare, including steps like reindexing the inflation rate not to CPI but to wage growth, and raising eligibility ages towards 70+ to reflect longer lifespans. Do you support such measures? As much as I disdain the Grover Norquist Right which is unwilling to raise a penny of new tax revenue, I think the extreme left who is unwilling to make serious changes to entitlements are equally out of touch.

I do. I may be a smelly hippie, but I'm a pragmatist.