Technology giant Apple Computers announced on Wednesday that it will re-invest over $350 billion in the United States following the recently passed GOP tax cuts; pledging to create 20,000 new jobs throughout the country and pay over $40 billion in repatriation taxes.
According to CNBC, Apple confirmed its new plan to commit $350 billion to the US economy over the next five years, saying it will create tens of thousands of new jobs and at least one new campus.
The computer and smart-phone manufacturer expects to pay nearly $40 billion in taxes when it repatriates the large sums of money held overseas, citing the recently passed tax legislation as a key motivator in re-patriating offshore accounts.
“Apple also said it would 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,” writes CNBC.
“Apple today announced a new set of investments to build on its commitment to support the American economy and its workforce,” said the official statement. “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.”
“We have a deep sense of responsibility to give back to our country and the people who help make our success possible,” Apple CEO Tim Cook said in a statement.