Monday, 28 May, 2018

Apple CEO Tim Cook makes surprise visit to Reno

Apple to pay $38 billion in US taxes on overseas cash Apple vows to contribute $350 billion to US economy, create 20000 jobs
Preston Stone | 19 January, 2018, 02:01

Apple Inc. said it will bring hundreds of billions of overseas dollars back to the US, pay about $38 billion in taxes on the money and invest tens of billions on domestic jobs, manufacturing and data centers in the coming years.

That pledge by Apple is only the latest major economic investment by a USA company since President Trump and the Republican-led Congress made a sweeping overhaul of the US tax code last month. The new location, which will house tech support for customers, will be announced later this year.

This is great news for the American economy and for America's workers. He then said he didn't believe at first that it was $350 billion, but thought instead it was $350 million.

"I think some of you remember, I said 'I will not consider our economic situation complete until we get Apple to start building some of those massive plants in the United States, '" Trump told spectators. Trump also said he doesn't "imagine there's ever been an investment that big in this country by a company". But under the new tax law, the company can bring back the money at a reduced rate. And now, with this new facility that's being built, Apple isn't just strengthening its commitment to Nevada, it's helping to remake downtown.

Trump Signs Massive Tax Bill Into Law
At the same time the US President also approved a short-term spending bill that averts a possible government shutdown. Early this week, the Republican-majority Congress passed the tax reform bill, which was Trump's key election promise.

Many analysts say one reason stocks have gone up so far is because of Trump's moves to cut excessive government regulations, and his tax cuts for businesses and individuals.

Apple announced on Wednesday that it would make a $350 billion "contribution" to the US economy over the next five years, including a tax bill of $38 billion, $5 billion toward manufacturing, $30 billion in capital expenditures, $55 billion in yearly payments to suppliers, and the creation of 20,000 new jobs. "Huge win for American workers and the US!"

When asked whether Apple could potentially save tens of billions of dollars on taxes in the future, Cook was hesitant.

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