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Wednesday, January 17, 2018
Apple Accelerates US investment, Plans to Pay $38 billion in Foreign Cash Taxes


Apple will open a second U.S. campus as part of a 5-year, $30 billion U.S. investment plan and will make about $38 billion in one-time tax payments on its overseas cash.

Combining new investments and Apple's current pace of spending with domestic suppliers and manufacturers - an estimated $55 billion for 2018 - Apple's direct contribution to the US 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.

Planned capital expenditures in the US, investments in American manufacturing over five years and a record tax payment upon repatriation of overseas profits will account for approximately $75 billion of Apple's direct contribution.

Apple, however, did not say how much of its $252.3 billion in cash abroad would bring to the United States, after the U.S. tax changes cut costs on bringing funds back from overseas. It also did not say whether the spending plan was driven by the new U.S. tax law.

The iPhone maker, said it plans a wave of investing and hiring in the United States and will create 20,000 jobs through hiring at its existing campus and the new one. The company's new campus will initially house technical support for customers. Apple will announce the location later this year.

The company already employs 84,000 people in all 50 states.

Today, Apple is also breaking ground on a new facility in downtown Reno, which will support its existing Nevada facilities. All of Apple's US facilities, including offices, retail stores and data centers, are powered by 100 percent renewable energy sources like solar, wind and micro-hydro power, which Apple generates or purchases from local projects. The new campus will also be powered entirely by green energy.

Apple also plans to accelerate its efforts across the US in support of coding education as well as programs focused on Science, Technology, Engineering, Arts and Math (STEAM).



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