By Dan Calabrese ——Bio and Archives--January 18, 2018
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The headline from Apple is that it will make a $350 billion "contribution" to the U.S. economy over the next five years, although it's unclear exactly how the company came to that number. The company also promised to create 20,000 new jobs and open a new campus. It said it expects to pay about $38 billion in taxes for the horde of cash it plans to bring back to the United States. This implies it will repatriate virtually all of its $250 billion in overseas cash.
Apple also said it will spend over $30 billion in capital expenditures over the next five years. About $10 billion in capital expenditures will be investments in U.S. data centers, the company said. Apple added that it will spend $5 billion as part of an innovation fund, up from the $1 billion CEO Tim Cook announced last year on CNBC's "Mad Money." The job creation will include direct employment and also suppliers and its app business, which it had already planned to grow substantially (app developers earned $26.5 billion in 2017.) The new campus will focus on customer support.Every cent of this is a boon for the U.S. economy. In addition to the 20,000 new jobs, you'll get construction jobs on the new campus project, new and/or improved products, and lots of new contracts for outside suppliers. It's extraordinary to think that Apple is bringing home basically all the money its been keeping overseas, all because of the end of this insane tax.
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