Apple announces plans to repatriate billions in overseas cash

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Apple announces plans to repatriate billions in overseas cash

CNBC

Apple announces plans to repatriate billions in overseas cash, says it will contribute $350 billion to the US economy over the next 5 years

  • Apple says the new tax law will help it contribute $350 billion to the U.S. economy over the next five years.
  • It says it will create 20,000 new jobs and open a new campus.
  • Apple expects to pay about $38 billion in taxes for the horde of cash it plans to bring back to the United States.

Apple on Wednesday made a slew of announcements about its investment in and contribution to the U.S. economy in part because of the new tax law.

The headline from Apple is that it will make a $350 billion “contribution” to the U.S. economy over the next five years, although it’s unclear exactly how the company came to that number.

The company also promised to create 20,000 new jobs and open a new campus.

It said it expects to pay about $38 billion in taxes for the horde of cash it plans to bring back to the United States. This implies it will repatriate virtually all of its $250 billion in overseas cash.

Apple also said it will spend over $30 billion in capital expenditures over the next five years. About $10 billion in capital expenditures will be investments in U.S. data centers, the company said.

Apple added that it will spend $5 billion as part of an innovation fund, up from the $1 billion CEO Tim Cook announced last year on CNBC’s “Mad Money.”

The job creation will include direct employment and…Read More

Lakeem Khodra
Lakeem Khodra
News Writer/Contributor at Tyranny News @lakeemk

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