I promised that my policies would allow companies like Apple to bring massive amounts of money back to the United States. Great to see Apple follow through as a result of TAX CUTS. Huge win for American workers and the USA! cnbc.com/2018/01/17/app …
Posted on 01/18/18
| News Source: NPR
Apple announced in a statement on Wednesday that it plans to accelerate U.S. investment and create thousands of new jobs.
For years Apple Inc. has been criticized for outsourcing manufacturing to China.
Apple says it plans to bring back billions of dollars it has kept in tax havens overseas, and that it will pay a one-time tax of $38 billion on its overseas cash holdings.
NPR's Laura Sydell told Kelly McEvers, host of All Things Considered, that Apple has kept some $250 billion outside the U.S.
President Trump tweeted that Apple's decision is a "huge win for American workers and the USA!"
He also attributed his policies for allowing Apple to bring "massive amounts of money" back into the U.S.
Asked in an interview with ABC News whether the job creation announcements were directly related to the Republican tax plan, CEO Cook said, "Let me be clear: There are large parts of this that are a result of the tax reform, and there's large parts of this we would have done in any situation."
The Wall Street Journal reports:
Apple also announced that it plans to invest $30 billion in capital spending in the U.S. over the next five years, by creating 20,000 new jobs and building a new campus.
The announcement of a new campus comes after Amazon made a big splash by promising to build a second headquarter somewhere in the country, for which cities have been competing to be the next location.
Apple hasn't announced where it will build its new campus, but it is expected to house the technical support staff there who speak with customers in the U.S.
Financial analyst Gene Munster told NPR, "[Apple's] testing have found that people really want to talk to someone for support that's based in the country that they're calling from and so Apple U.S. is their biggest base so they want to accommodate that."