CUPERTINO, CA – The GOP tax cuts keep earning dividends in the form of positive investment or job announcements from the countries largest and most famous companies. One of those companies, Apple, was called lout by president-elect Trump for eschewing American manufacturing for cheaper Chinese contracts.
Well, after the tax cut passage it appears Apple is bringing back billions and billions of dollars, investing in it’s U.S. supply chain, and plans to create thousands of jobs.
“Apple® today announced a new set of investments to build on its commitment to support the American economy and its workforce, concentrated in three areas where Apple has had the greatest impact on job creation: direct employment by Apple, spending and investment with Apple’s domestic suppliers and manufacturers, and fueling the fast-growing app economy which Apple created with iPhone® and the App Store®.
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.
“Apple is a success story that could only have happened in America, and we are proud to build on our long history of support for the US economy,” said Tim Cook, Apple’s CEO. “We believe deeply in the power of American ingenuity, and we are focusing our investments in areas where we can have a direct impact on job creation and job preparedness. We have a deep sense of responsibility to give back to our country and the people who help make our success possible.”“
Apple also detailed that it plans on making repatriation tax payments of $38 billion! This likely represents the largest tax payment of this kind, ever.
That means the company is likely to repatriate hundreds of billions in capital currently held overseas, and invest it here in the U.S., or virtually all of their $250+ billion overseas cash!
It is refreshing for American companies to proudly invest in America because it is genuinely where they see the best opportunities to do business. Lower taxes, less regulations, and bolstered business confidence have a lot to do with those decisions, and those have a lot to do with Trump and Republicans.
If you think any of this would be happening under a Hillary Clinton presidency, you’re smoking something.
Read more about Apple’s big plans here.