Apple pledges $350B toward United States economy with repatriated overseas cash
13:57, Jan 18, 2018
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Apple unveiled a five-year investment plan in the United States on Wednesday that will create 20,000 new jobs and involve opening a second campus, the location of which will be announced later this year.
Also the company said it will make about $38-B in tax payments on its overseas cash pile, and plans to open a 2nd U.S. campus as part of a 5-year, $30-B United States investment plan.
Over five years, Apple estimates that domestic capital expenditures, investments in US manufacturing, and a tax payment upon repatriation of overseas profits will account for approximately $75 billion. The company said the plans span three areas in which it impacts the creation of jobs the most, which are direct employment, spending and investment with its domestic suppliers and manufacturers, and what it calls the "app economy".
Included in that is the construction of a new campus and a record $38 billion tax repatriation payment, perhaps the largest of its kind ever made.
Apple announced today it will start to repatriate back to America some of the massive profits it accumulated outside the US - and will use the cash to Make America Great Again.
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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.
These investments will allow Apple to create over 20,000 new U.S.jobs over the next five years, the company said. The company already employees 84.000 workers in all 50 states. $10 billion of that will be in data centers in the US. Apple says it will announce the location of this new facility later this year with a plan to make the building run on 100 percent renewable energy sources.
Reports also circulated Wednesday that Apple is planning to give its employees a $2,500 bonus consisting of restricted stock units, following the passage of the new tax code, according to unnamed people familiar with the matter, Bloomberg reported. In particular, it wants to "address the coding skills gap and help prepare more people for jobs in software development", the company said.
The company has been under pressure to invest in the U.S. since the 2016 presidential campaign, when Trump targeted it for making products in Asian factories, reports Reuters. "What's not said in this release is that there is more potential for increased buybacks for shareholders and acquisitions that might not have taken place if it were not for the cash influx from overseas".
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