Apple Promises Piles of Spending, 20000 US Jobs

Apple Promises Piles of Spending, 20000 US Jobs

The announcement on Wednesday that will bring $350 billion in cash parked overseas - that's billion with a B - home to the United States, to invest here and create as many as 20,000 new jobs, is likely to be the economic story of the year.

"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 U.S. economy", said Cook.

Apple joins Amazon scouting for a location for a second campus. But under the new tax law, the company can bring back the money at a reduced rate.

Apple moved most of its $252bn cash held outside the United States to Jersey at the end of 2014 as a result of new laws that meant Irish-registered companies could no longer be deemed "stateless" for tax purposes. "We are focusing our investments in areas where we can have a direct impact on job creation and job preparedness", Tim Cook, the CEO, says, perhaps hinting that the company intends to accelerate internal education programs.

"Apple also told employees Wednesday it is issuing each of them a bonus of $2,500 in restricted stock, according to a person familiar with the matter". With today's announcement, he said, quote, "we have a deep sense of responsibility to give back to our country and the people who make our success possible". "If other companies say they're going to have new jobs, too, it does add up".

Apple will also boost the size of its Advanced Manufacturing Fund fivefold, to $5 billion, with the money earmarked to back expansion projects of suppliers in the US.

Later in 2016, then president-elect Donald Trump publicly called out Apple's reliance on China, telling The New York Times that he would "get Apple to build a big plant in the United States, or many big plants in the United States". "I promised that my policies would allow companies like Apple to bring massive amounts of money back to the United States".

The speech follows a tweet by the President yesterday in which he stated "Great to see Apple follow through as a result of TAX CUTS". And this fund helps other manufacturers that supply Apple be innovative and grow.

The move dramatically lowered the standard corporate tax rate, and offered a one-time break on cash being held overseas.



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