Good News from Apple

21 January, 2018, 02:43 | Author: Darnell Taylor
  • Reno Mayor Hillary Schieve Apple CEO Tim Cook and Nevada Gov. Brian Sandoval attend a groundbreaking ceremony on Wednesday

President Donald Trump told the Wall Street Journal last July that Apple CEO Tim Cook had committed to building three manufacturing plants in the U.S.

First of the new investments is of more than $30 billion in capital expenditures that will create more than 20,000 jobs, not just in existing campuses but also in a new one.

The announcement was made as part of a number of investment decisions made public, which the company said would collectively come to about US$350 billion over the next five years.

Revealing the news in a press release entitled 'Apple accelerates United States investment and job creation', the scheme will also look to create a brand new campus - powered entirely by "green energy" - to house the 20,000 or so fresh workforce in, all by 2023.

The new Apple investments, along with the tech giant's present incremental expenditure on domestic suppliers and manufacturers, together make about $55 billion in this year.

Much of Apple's overseas profit will be repatriated overseas and because of this the company expects to pay $38 billion in taxes. The new facility would initially house Apple's division for technical support for its customers, but it will be expanding to host employees from the company's other divisions.

Apple had US$252.3 billion in overseas cash as of the end of September quarter, according to SEC filings, so that means the company is paying tax on almost all of that foreign cash.

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"We have a deep sense of responsibility to give back to our country and the people who help make our success possible". That includes a new Reno facility that will support other Nevada facilities.

Apple has previously called for simplification of USA tax rules, amid criticism of its large overseas cash holdings and investigation by U.S. tax authorities.

Cook also discussed the company's decision to pay employees $2500 in stock grants, "We're one of the few - we're probably the only company of our size where every person is an owner in the company", Cook said.

The final plan to boost the economy is through education.

An worldwide tax law expert said: "There is no natural right for the European Union to charge United States companies for taxation if they are taxed in the U.S.".

Apple has earmarked about $75 billion of the money now overseas to finance $350 billion in spending during the next five years.

Do you feel that Apple will act in a responsible manner now that the tax bill has seemingly been in the company's favor? That fund will increase from $1 billion to $5 billion. The company said it will announce the location later this year.

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