Apple to Build a New Campus
Apple to contribute $350 billion to the economy
Apple (AAPL), the world’s most valuable publicly traded company, is planning to give the American economy a massive boost. It said it will directly contribute more than $350 billion to the economy over the next five years, including a tax payment to repatriate funds back to the United States.
The technology giant also said it will invest a whopping $30 billion in capital expenditures over that period. It plans to invest more than $10 billion of that on data centers in the United States.
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Apple to pay $38 billion in taxes to repatriate funds from abroad
Apple said it will pay the US government $38 billion as a tax payment to repatriate funds it has parked overseas. Apple has more than $250 billion in cash and equivalents overseas.
Recently, President Donald Trump signed into law the tax reform bill, which revamped the tax code. Under the new law, companies will have to make a one-time tax payment of 15.5% on profits held abroad in cash and equivalents.
Apple also plans to create 20,000 new jobs and open a new campus. The location of the new campus is not known yet. Apple already employs 84,000 people in the United States.
Last year, Amazon (AMZN) announced that it will create more jobs and have a second headquarter in North America.