Apple pledges $350 billion investment in United States economy over next five years
- Author: Gina Adkins Jan 18, 2018,
Jan 18, 2018, 13:54
Apple, which has by far more cash held overseas than any U.S. company, announced January 17 that it will spend around $30 billion on capital expenditures and create 20,000 new jobs in the USA over the next five years.
Apple said its plans would contribute more than $350bn to the USA economy over the next five years.
Apple said planned capital expenditures in the USA, investments in American manufacturing over five years and a record tax payment upon repatriation of overseas profits will account for about $75 billion of Apple's direct contribution.
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Apple's investments will be focused on three areas: direct employment by Apple, spending and investment with Apple's domestic suppliers and manufacturers, and fueling the app economy which Apple created with iPhone and the App Store.
Apple even puts a positive spin on the fact that it's now having to pay $38 billion in repatriation taxes in the wake of recent changes to United States tax law, asserting that it's "already the largest U.S. taxpayer". Last year, Apple set up a $1 billion Advanced Manufacturing Fund to make component purchases from us companies.
$38 billion is the expected tax payment when Apple repatriates overseas profits under new tax law. The payment is so far the largest announced from the tax plan changes, experts said. Back in the fall, Apple co-founder Steve Wozniak and Google head Sundar Pichai each announced initiatives to train people to work in tech.
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It will however involve taxes on repatriation of some of Apple's cash reserves, which are now in the $256 billion range.
Apple will create 20,000 new jobs and spend $30 billion hiring new employees at its existing campus and opening a new campus.
People walk in front of a branch of US technology company Apple in Zurich, Switzerland April 5, 2016. That is in addition to on-going tax payments as well as taxes generated by employees' wages and Apple product sales. This new campus would "house technical support for customers", and would be "powered entirely by green energy". More than US$10 billion will be invested in data centres in the US.
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Tim Cook told lawmakers critical of how Apple didn't repatriate its overseas profits that his company followed the law.
Apple will also be pouring more cash into domestic manufacturing, something many companies haven't done. In particular, it wants to "address the coding skills gap and help prepare more people for jobs in software development", the company said.
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