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18 January 2018, 01:57 | Sam Montgomery
Apple accelerates US investment and job creation
Appletoday highlighted its plan to to bolster the US economy through job creation, existing investments, and new investments, with the company on target to contribute $55 billion to the economy in 2018 and $350 billion over the course of the next five years. It did trumpet its company-wide intentions to create 20,000 jobs over the next five years while adding $350 billion to the USA economy.
Applesaid it would make about $38 billion in United States tax payments on its $252.3 billion in overseas cash.
"Apple is a success story that could only have happened in America, and we are proud to build on our long history of support for the United States economy", Apple CEO Tim Cooksaid in the release. Additionally, Apple will increase funding for its Advanced Manufacturing Fund from $1 billion to $5 billion.
As Appletouts its interest in helping the United States economy, Slate reported that as part of the new system of worldwide taxation, the recently passed Republican-led tax bill included a one-time levy on all profits being hoarded by USA companies overseas, known as a deemed repatriation. That means the new positions created by Apple are likely to have a more significant political impact than its $38bn tax payment, according to Erik Gordon, a professor at the University of Michigan's Ross School of Business.
Apple has the largest offshore cash reserves of any US company, with about $252 billion in at the end of September, the most recently reported fiscal quarter. -- Team, This morning we announced a new set of investments Apple will be making over the next several years, including expanding some of our existing campuses and establishing a new one.
Apple touted that its investment will create 20,000 new jobs as well as a new campus. We're also extending our efforts in support of coding education, ConnectED and STEAM programs.
During the 2016 presidential campaign, Donald Trump criticized Apple for sourcing and manufacturing its products mostly overseas.
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