“Apple Inc. said it would pay a one-time tax of $38 billion on its overseas cash holdings and ramp up spending in the U.S., as it seeks to emphasize its contributions to the American economy after years of taking criticism for outsourcing manufacturing to China,” Tripp Mickle reports for The Wall Street Journal. “Apple said it would invest $30 billion in capital spending in the U.S. over five years that would create more than 20,000 jobs. The total includes a new campus, which initially will house technical support for customers, and $10 billion toward data centers across the country. It also will expand from $1 billion to $5 billion a fund it established last year for investing in advanced manufacturing in the U.S.”
“Apple’s $38 billion tax commitment is the largest such sum announced in response to the major overhaul of the U.S. tax code that President Donald Trump signed into law late last year,” Mickle reports. “That law included an incentive for U.S. companies to bring home offshore holdings, with companies required to pay a one-time tax of 15.5% on overseas profits held in cash and other liquid assets.”
“Apple on Wednesday cited the tax changes as the reason for its $38 billion payment. It didn’t say how much of its $252.3 billion in overseas cash holdings it plans to bring home, though it will be the vast majority, Chief Executive Tim Cook told ABC News in an interview,” Mickle reports. “All told, Apple said it would directly contribute $350 billion to the U.S. economy over the next five years, with the bulk—about $55 billion this year, for example — coming from ongoing spending on parts and services from U.S. suppliers. That number also includes the federal tax payment and capital spending.”
“Mr. Cook touted the plans as building on Apple’s support for the U.S. economy. ‘We have a deep sense of responsibility to give back to our country and the people who help make our success possible,’ he said in a statement,” Mickle reports. “Mr. Trump praised Apple’s announcement on Twitter, saying his policies allowed the tech giant ‘to bring massive amounts of money back to the United States.’ He added, ‘Huge win for American workers and the USA!'”
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! https://t.co/OwXVUyLOb1
— Donald J. Trump (@realDonaldTrump) January 17, 2018
“Apple also told employees Wednesday it is issuing each of them a bonus of $2,500 in restricted stock… [which] adds Apple to the growing list of companies that are rewarding employees due to the new tax law, including AT&T Inc. and Comcast Corp.,” Mickle reports. “The company said it would offer more information later this year on its planned new campus. The facility is expected to be located outside of California and Texas, where the company already operates campuses: in Austin, Texas, and its new $5 billion headquarters, Apple Park, in Cupertino, Calif.”
Much more in the full article here.
MacDailyNews Take: So, where will Apple’s new campus be? With their HQ on the west coast and the other campus centrally located, it makes sense to establish one the east coast. North Carolina, perhaps? Or maybe Florida (no state personal income tax) to roughly follow SeaWorld’s locations?
Apple gives employees $2,500 bonuses after President Trump signed the GOP’s Tax Cuts and Jobs Act – January 17, 2018
Looks like Apple is bringing nearly all of its $250 billion foreign cash back home to America – January 17, 2018
Apple plans to add $350 billion to U.S. economy and create over 20,000 new jobs over next 5 years, pay $38 billion in repatriated taxes, the largest ever made – January 17, 2018
Stock market optimism from pros reaches highest level in nearly 32 years – January 17, 2018
Apple expected to issue less debt in 2018 now that President Trump has signed the Tax Cuts and Jobs Act – January 16, 2018
U.S Treasury: 90% of U.S. workers likely to see more money in take-home pay next month – January 13, 2018
U.S. sees strongest holiday sales since 2010 – January 12, 2018
Dow, S&P 500 and Nasdaq rocket to new all-time records – January 11, 2018
S&P 500 and Nasdaq rise to records on first trading day of 2018 – January 2, 2018
Apple makes Trump-friendly investment in Finisar – December 13, 2017
Apple is backing up iPhone X’s Face ID and AirPods with American jobs – December 13, 2017
How Apple and Finisar are transforming the future of Sherman, Texas – December 13, 2017
Apple awards $390 million to VCSEL-maker Finisar; award will create 500 high-skill jobs at Sherman, Texas facility – December 13, 2017
U.S. employment jumps more than expected in November, boosts U.S. stocks – December 8, 2017
U.S. third-quarter GDP revised to three-year high of 3.3% – November 29, 2017
Goldman Sachs sees U.S. unemployment rate hitting lowest level since the late-1960s – November 20, 2017
American consumer confidence soars to highest level since December 2000 – October 31, 2017
U.S. jobless claims plunge to lowest level since 1973 – October 19, 2017
U.S. economy picks up steam; second-quarter GDP up 3.0% reflecting robust consumer spending and strong business investment – August 30, 2017
U.S. consumer confidence shows Americans upbeat on jobs, economy – July 25, 2017
Corning shares boosted by Apple’s $200 million investment – May 15, 2017
Apple’s billion-dollar advanced manufacturing investment is a blueprint for U.S. job growth – May 4, 2017
Apple to invest $1 billion to promote manufacturing jobs in the U.S. – May 4, 2017
Apple’s top manufacturing partner to meet with U.S. President Trump today – April 27, 2017
President Trump: Making America Great Again!
“Strongest holiday sales since Great Recession, up 5.5%, topping industry’s forecast”
The Devil is in the details!
“the strongest performers were building materials and supply stores (8.1 percent growth ), furniture (7.5 percent growth) and electronics (6.7 percent growth).”
The one thing the article doesn’t mention is:
Building Materials 8.1% – The pick up in construction materials was for re-building after the Hurricanes that devastated Houston and other parts of Texas, all of Florida and Puerto Rico. That was all insurance money and gov’t money.
Furniture 7.5% – The pick up in purchase of furniture was due to the Hurricanes that devastated Houston and other parts of Texas, all of Florida and Puerto Rico. That was all insurance money and gov’t money.
Electronics 6.% – The pick up in purchase of electronic was due to the Hurricanes that devastated Houston and other parts of Texas, all of Florida and Puerto Rico. That was all insurance money and gov’t money.
Huh? You’re referring to an entirely different article and then making a bunch of shit up.
Maybe the article didn’t mention it because it’s not true and you’re just making crazy ass fake assumptions. You’re literally saying the sole reason for increases (over the holidays) was due to hurricanes lol. Jesus dude.
Right, just like when MDN reported that unemployment filing were down since 30 or so years. They forgot about the three Hurricanes that devastated Texas and Florida which people could apply for disaster unemployment aid. This made the regular unemployment filing go way down as people applied for fed help.
What is not true and I’m making up:
There were no hurricanes in 2017?
Texas, FL and Puerto Rico was not severely divested by hurricanes in 2017?
Purchases made to rebuild after the hurricanes in 2017 like construction supplies, furniture and electronics did not show up in the holiday sales?
And yet Obama used natural disasters to explain why the economy suffered under his administration.
Hurricane Matthew? When it hit S Caroline it was a cat 1 storm. Hurricane Sandy also a cat 1 storm caused server flooding in NY and NJ. NJ had a tough time getting funds from the GOP congress.
You’re thinking of different natural disaster under Obama, called the Tea Party. Remember them – they’re still in congress. They shut down gov’t for 17 days under Obama. No Jobs, immigration, infrastructure, minimum wage hike – the do nothing congress.
Today the GOP control congress and the white house. What have we seen, a massive tax cut for the rich and corporations and gutting of Obamacare.
You really are clueless. Smaller storms cause bad economy, bigger storms help it.
Republicans didn’t shut down the government, they tried to get a budget passed, something that is done almost every year yet Obama wouldn’t do it because he wanted no one telling him what to do.
Do you have a clue about anything other than college gossip???
Tax cuts for just the rich?
and BTW, Trump has gotten more done the first year in office than any President since Reagan.
Wow…I’ll be glad when uninformed people like you are not the norm anymore.
Quote please. Obama never blamed anyone for what occurred before his term. You made the claim, you prove it.
Obama, like any politician, did actively defend himself against the partisan attacks from the second lowest rated congress in history, but nowhere did Obama pass the buck for presidential duties.
You need to get your selective comprehension fixed. You people call yourself patriots but you divide yourselves into tribes and undermine each other. Maga your fat ass, there are a half dozen incivil assholes on this site who are paid trolls to cheer for trump. Why?
Trump has 30% approval rating, the current congress about the same or less. Against the advice of economists, this party claims their handouts to corporations will solve everything. But led by a serially bankrupt showman, the most corrupt senator in history, and an inept welfare house leader, they can’t seem to come up with any budget, let alone a balanced budget. The debt climbs, the circus in the white house continues, the excuses mount. Trump isn’t leading any economy, he’s relying on corporatocracy to keep the plebeians happy in the short term. Too bad there’s no long term plan.
“U.S. Jobless Claims Plunge to Lowest Weekly Tally Since 1973”
I’m sure that blood-sucker Nancy Lugosi will tear this apart as “crumbs for the American people and a boon for the wealthy” yet she is Apple’s Senator from a state starved for tax revenue.
The Druge Report – oh brother. The pinnacle of online crazy-right-wing conspiracies.
I know, I know, fact and truth hurt liberals. LOLOLOL
How’s that Pizzagate story coming along for ya?
With the Russian stories, IRS, CIA and FBI compromises, DOJ slush funds that is all you got?
Eat a sandwich dude. You’re a lightweight….
and I’d like to extend an invite to you BJ. We’ll go through the three simple steps of:
2). preparation and the
3). actual ducking motion
…to limit collisions with 2×4’s and other fast-moving objects.
We both know that the real danger is the accumulative effect of such things and you are showing late stages.
” “Apple said it would invest $30 billion in capital spending in the U.S. over five years that would create more than 20,000 jobs.”
Didn’t Apple say the 20K would be at the new space campus? If not then how many of those jobs would be temporary jobs.
Of course, this completely ignores the fact that middle class families are going to see their taxes go up as a result of this bill and that’s going to pinch those who already have jobs really hard, but hey, who cares about middle class families, right? This is Trump trying to score a cheap win while making himself richer in the meantime and trying to convince people not to vote for Sanders or Gabbard in 2020.
No it won’t and you’re an idiot.
The only reason taxes MAY eventually go up is because this bill was voted on by a simple majority making it expire in 10 years automatically. Had it been two-thirds then the tax cuts would’ve been permanent.
So to recap and spell extra slow for you, the Democrats are crying because the tax cut to the middle class are temporary. Had 15 of them voted for it, the tax cuts would be permanent.
These are the exact games played by politicians that most Americans are tired of and why Trump got elected.
You don’t get much more middle class than these folks. The fact that they are Northern Democrats who voted for Trump and this is covered by CNN (in what was surely a disappointment to them) shows just how out of touch Uber-libs are with reality.
And how many of those Trump voters are regretting their vote now, now that they see Trump’s true colors? Or maybe the better question is, how many of those Trump voters would much rather have voted for Sanders but were denied the opportunity because the DNC insisted on foisting Hillary on us and demanded that we bow to their anointed princess instead of nominating a true populist for President?
On the Hillary question, I have no idea and that should be resolved with an investigation but I doubt the Democrats will allow it (lest some people come up room temperature…).
As far as most Conservatives, NONE!
this is a very interesting report and one close to my rural Texas roots (wrong side of the state though as we say in the Upper East Side of Texas)
Sure, I know most conservatives would gladly eat their own genitals if the RNC made it a part of their party platform. Quite frankly, I don’t care what conservatives think.
As for the so-called ‘swing’ voters, a lot of those who voted for Trump because they couldn’t stomach Hillary would have gladly supported Sanders, and if he had been the nominee, he would be President today. And we would be better off for it.
“And how many of those Trump voters are regretting their vote now, now that they see Trump’s true colors?”
“Quite frankly, I don’t care what conservatives think.”
Ah, the mind of a leftist.
NO, you are a child if you think Sanders could’ve beaten Trump. Well, after stating you don’t care what Conservatives say and showing your fantasies about the state of things I figured you for a child anyhow.
I would have better luck explaining geometry to a cow.
So are Trump’s pollsters children too?
“wages have grown by 2.9% over the past 12 months. That is the highest level of annual wage growth in more than eight years”
M A G A
Build it in Omaha!
out of the first 23 responses, yours is the only one on topic, all the others are political squabbles.