Apple to build second campus, hire 20000 in US

Apple to build second campus, hire 20000 in US

Brian Sandoval and Reno Mayor Hillary Schieve at a groundbreaking ceremony for a new $4 million warehouse in downtown Reno Wednesday as the company announced plans to invest $350 billion in the USA economy over the next five years. "Huge win for American workers and the US!" Apple writes, "Apple's direct contribution to the United States 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 did not say how big the second campus would be, or how numerous additional 20,000 workers that it plans to hire would be based there. Tim Cook has repeatedly claimed, without evidence, that its offshore cash is not the product of conscious tax avoidance, and that the company simply couldn't bring it back without a lower tax rate-even as the company has quietly repatriated cash as needed in the interim.

However, most of the US$350 billion reflects money that Apple planned to spend with its suppliers and manufacturers in the United States anyway, even if corporate taxes had remained at the old 35 percent rate.

Like other corporations whose executives and shareholders stand to reap enormous benefits from the new tax bill, Apple is now promising new capital investments as a effect of the new tax cuts.

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U.S. President Donald Trump listens as Tim Cook, CEO of Apple speaks during an American Technology Council roundtable at the White House in Washington, U.S., June 19, 2017.

Over $30 billion will be invested in capital expenditures over the next half decade and will directly create 20,000 new jobs with hiring at existing Apple campuses and the opening of a new campus. Cook also believes that a company like Apple could only have been founded in America and they have a responsibility to give back to the country, "one of the ways to do that is to create jobs", said Cook. ($64 billion). Bringing those funds home will also be easier thanks to the money saved by the new federal corporate tax rate of 21%, down from 35%. Apple will pay an estimated $38 billion in taxes as a result.

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. This doesn't sound that such a huge investment was primarily a result of GOP's tax plan.

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