Apple reveals major United States investment and job creation

Apple reveals major United States investment and job creation

Apple reveals major United States investment and job creation

The company predicts that it will contribute $350 billion to the United States economy over the next five years, not including tax payments, revenues from employees' wages, and product sales.

Speaking to ABC News, Apple CEO Tim Cook said: "Let me be clear: There are large parts of this that are a result of the tax reform, and there's large parts of this we would have done in any situation".

Capital expenditures in the United States, investments in American manufacturing and a record tax payment account for nearly $75 billion of Apple's direct contribution.

Apple is also due to pay approximately $38 billion in repatriation tax on its overseas cash, following president Donald Trump's recent changes to tax law.

Between the new campus, the hiring of more workers, tax payments, and agreements with USA -based suppliers, Apple is set to spend an estimated $350 billion in the United States over the next five years.

The location of Apple's new campus, which will house technical support staff, will be announced later in 2018.

The sum is expected to be the biggest payment under the reforms, which slash the USA corporate tax rate.

Apple Inc. will be opening a new campus that is part of its new five-year, US investment plan of $30 billion.

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Apple is one of many companies reinvesting in the USA and its workers following approval of the Republican tax deal.

"I think some of you remember, I said 'I will not consider our economic situation complete until we get Apple to start building some of those massive plants in the United States, '" Trump told spectators.

Apple shares closed higher in the US Wednesday, after the global tech innovator announced plans to open a new Apple campus in the US and create 20,000 new jobs. After two major shareholders publicly raised concerns that kids were becoming addicted to iPhones, the company promised to introduce new features to help combat the issue.

Previously, many companies, including Apple, had continuously deferred that payment by keeping foreign profits away from American soil so as to avoid the 35% repatriation rate.

The $38 billion it must pay in taxes is in addition to USA issued debt of $97 billion to pay for previous dividends and share buybacks.

Cook said the new campus will not be in California-where its new $5 billion "Spaceship" headquarters is located-nor will it be in Texas, where the company already has a significant presence.

That was what happened past year after Amazon announced it would build a second headquarters in North America to expand beyond its current Seattle home. However, Apple anticipates it will create over 20,000 new jobs at its existing campuses and the proposed new site over the next five years. The move may also help increase the company's capital returns, something that investors will certainly appreciate.

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