Apple Announces $350 Billion Investment in US Economy, 20000 New Jobs

Apple Announces $350 Billion Investment in US Economy, 20000 New Jobs

Apple is happy with the Trump administration new tax policies that will allow it to bring a massive stash of cash that's been stuck overseas back to the U.S. Apple has announced what it plans to invest in when that massive stockpile is back in America (other than possibly buying Netflix).

Apple announced on Wednesday it is investing billions in American manufacturing, and will spend $30 billion in capital expenditures. In the long term, companies will reap even larger savings because the new tax law shifts to a territorial tax system in which only corporate profits booked in the United States are subject to US taxes.

Apple announced on Wednesday that it would make a $350 billion "contribution" to the USA economy over the next five years, including a tax bill of $38 billion, $5 billion toward manufacturing, $30 billion in capital expenditures, $55 billion in yearly payments to suppliers, and the creation of 20,000 new jobs.

Apple also announced it broke ground on Wednesday at a new facility in Reno, Nev., to support its existing facilities in the state.

"Apple expects to invest over $30 billion in capital expenditures in the United States over the next five years and create over 20,000 new jobs through hiring at existing campuses and opening a new one".

Apple CEO Tim Cook waves as he arrives on stage to deliver his keynote address at the Worldwide Developers Conference in San Francisco, California, June 8, 2015.


Apple also plans to invest in helping get students ready for the App Economy.

"Tim Cook is a great guy - the head of Apple", Trump said at an event in Coraopolis, Pennsylvania on Thursday. "In the news, I heard $350 billion, I thought, 'You mean $350 million? But I don't imagine there has ever been an investment that big in this country". "They're gonna build plants, they're gonna build a big campus, they're really going to town, so we want to thank Apple". The company now has two such locations: one in Silicon Valley and another in Austin, Texas.

Apple was a frequent target of attacks by Trump during the 2016 presidential campaign for not making staple products such its iPhones and Macs in the United States.

This is great news for the American economy and for America's workers.

Besides dramatically lowering the standard corporate tax rate, the reforms offer a one-time break on cash being held overseas. Further investment will go into education initiatives.

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