Apple to pay $38 billion in United States taxes on overseas cash

Apple accelerates US investment and job creation

Apple to hire 20000, open second headquarters and pay $38 billion tax bill on overseas profits

Currently, Apple employs 84,000 people nationwide in all 50 states.

Despite many employees' transition into the newest campus, Apple Park, not yet being complete, it makes sense for a company of Apple's scale and growth to continue expanding its corporate footprint.

This move follows other moves by tech companies to invest in the US economy and workforce. Under the new tax bill, all overseas cash is subject to a one-time 15.5 percent tax whether Apple leaves it overseas or moves it to the United States. Companies can pay over eight years. Before 2016's election, Trump criticized the California giant's practices.

That figure includes the company's existing impact on the USA economy - which includes employing about 84,000 people from coast to coast - while it does not include tax payments, the tax revenues generated from employees' wages and the sale of Apple products. "You can't have an announcement of a million jobs".

For starters, there will be $30 billion, which will help fund a number of projects including building the aforementioned new campus.

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The company did not say how much of its investments were already planned.

Later on Wednesday, Trump tweeted a response lauding Apple's announcement. Apple has 94 percent of its total cash outside the United States.

"Apple CEO Tim Cook has been a critic of American tax laws".

Apple just made a lofty promise to the American economy.

This commitment doesn't necessarily represent a big incremental increase - if any - in Apple's capital spending plans.

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The company said Wednesday that it will pay $38 billion in taxes on cash it has been keeping overseas.

"They're going to have well over $200bn by the end of this year that will be available for incremental investments, capital returns and M&A", said Matthew Kanterman, a New York-based Bloomberg Intelligence analyst. "And Apple hasn't historically done big M&A", he said. Along with a lower corporate tax rate, Apple can now bring back some or all of the roughly $252 billion in cash or cash equivalents it has parked overseas at a thrifty 15.5% tax rate.

Some of these jobs would be at existing Apple centres, and some at a new centre.

Apple is presently breaking ground on a new facility in downtown Reno, which will support its existing Nevada facilities, the company announced on Wednesday.

We also learn that Apple plans to grow its Advanced Manufacturing Fund from $1 billion to $5 billion.

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