Apple proclaims new job & investment initiatives on heels of tax reform


A spokeswoman for the Department of Finance said on Wednesday that the Government had no indications that Apple's cash-repatriation plan would affect its plan to collect up to €15 billion of back taxes and interest - under European Union orders - from the technology giant.

The headline from Apple is that it will "contribute" $350 billion to the USA economy over the next five years, although it's unclear exactly how the company came to that number.

The $38 billion tax payment from bringing home overseas profits "would likely be the largest of its kind ever made", Apple said in a press release.

Apple CEO Tim Cook said on Wednesday the company is focusing investments "in areas where we can have a direct impact on job creation and job preparedness".

The company will use more than $10 billion to expand its existing data centers in the United States and a newly announced data center project in Iowa. It's also increasing its "Advanced Manufacturing Fund"-a billion-dollar pot of money it earmarked for working exclusively with USA suppliers, and its original supplication to Trump's tax plan-fivefold". Let's start with the big picture investment of $350 billion, which Apple says does not include ongoing tax payments, the tax revenues generated from employees' wages or the sale of Apple products.

Apple employs about 84,000 people in the United States and expects to spend $US55bn with domestic suppliers and manufacturers this year.

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Apple's announcement of another campus appears much different than Amazon's. The Apple tax is money owed on roughly $245 billion in overseas profits being repatriated under the recent tax overhaul bill signed into law by President Trump.

New U.S. tax rules mean companies like Apple can no longer avoid paying taxes on past global profits by holding the cash outside the United States. With that initial focus on technical support, however, it should mean that Apple can build it anywhere in the United States and isn't necessarily limited to building in Cupertino.

Some of the new hires will work at a yet another new Apple campus that the company expects to announce later this year.

Apple's Wednesday announcement of new investments in USA facilities, jobs, and companies is real news and good news. "I don't know what Apple is looking for, but whatever it is, we're going to move for it".

Reports also circulated Wednesday that Apple is planning to give its employees a $2,500 bonus consisting of restricted stock units, following the passage of the new tax code, according to unnamed people familiar with the matter, Bloomberg reported. "If other companies say they're going to have new jobs, too, it does add up".