(National Sentinel) Growth: Technology giant Apple announced Wednesday it would invest a staggering $350 billion in new and existing operations in the United States over the next five years, a move that will create some 20,000 jobs, CNBC reported.
The decision is tied, in large part, to President Donald J. Trump’s and Republicans’ recently passed tax reform measure, which cuts the corporate rate from 39.1 percent to 21 percent.
“We have a deep sense of responsibility to give back to our country and the people who help make our success possible,” chief executive Tim Cook said in a statement.
Apple executives say they expect tax repatriation payments of around $38 billion, which indicates that the company plans to bring a portion of its $250 billion in cash held overseas back to the U.S.
The job creation will center on direct but also suppliers and Apple’s app business.
“Combining new investments and Apple’s current pace of spending with domestic suppliers and manufacturers — an estimated $55 billion for 2018 — Apple’s direct contribution to the U.S. economy will be more than $350 billion over the next five years, not including Apple’s ongoing tax payments, the tax revenues generated from employees’ wages and the sale of Apple products,” the company said in a statement.
“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 US economy, ” Cook added.
“We believe deeply in the power of American ingenuity, and we are focusing our investments in areas where we can have a direct impact on job creation and job preparedness,” he said.
Shortly after winning the November 2016 election, Trump chided Apple for its Chinese supply chain, pledging to “get Apple to build a big plant in the United States, or many big plants in the United States.”
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