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Trump Lauds Apple's Abroad Money Return as 'Enormous Win' for US

Trump Lauds Apple's Abroad Money Return as 'Enormous Win' for US

In its announcement yesterday, Apple noted that the five-year spending plan would directly contribute more than $350 billion to the USA economy during that span.

Apple told CNBC's Mad Money a year ago that it would invest $1 billion fund to promote advanced manufacturing jobs in the US.

Through this, it would make almost $38 billion in one-time tax payments on its overseas cash, making one of the biggest corporate spending plans announced since the passage of a tax cut approved in law by U.S. President Donald Trump last month.

Apple has announced it will pay $38 billion in taxes to the United States federal government as it brings some of the cash from its overseas stockpile back into the USA. Cook refused to "take a position" on how the new tax plan will affect individual Americans but commented on the corporate tax saying, "I do believe the corporate side will result in job creation and a faster growing economy". "We have a deep sense of responsibility to give back to our country and the people who help make our success possible", he said in a statement. That apparently is set to change as Apple's CEO Tim Cook has announced a plan to repatriate most of their cash horde to the United States.

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

Apple already has data centers in seven states.

More news: Man City star Fernandinho pays tribute to Pep Guardiola after contract extension

After the announcement, Apple's shares rose 1.65 percent, to $179.1 a share Wednesday. The company said it will add 20,000 American jobs at existing campuses, as well as a new campus. It does not include the company's current tax payments, tax revenues derived from wages of employees, and its product-sales. Infrastructure projects include a new Apple campus, whose location will be announced later this year, and $10 billion in ongoing investment in us data centers. Apple workers below a senior level known as director will be eligible to receive stock units.

In the latest example of how Trump's tax cuts are boosting the economy, Apple just announced it plans to build a second campus and hire 20,000 employees.

Apple has the largest overseas cash stash out of any United States company, according to Market Watch.

The US-based tech company said 100 percent renewable or green energy sources like solar, wind and micro-hydro power, is powering all of Apple's US facilities, including offices, retail stores and data centers.

However, it did not say what percentage of the plan was actually new or how much of its cash overseas that totals $252.3 billion would be brought home. But it makes the company appear to answer Trump's call for more jobs to be created in the US.


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