Apple Will Create 20,000 New Jobs, Invest $350 Billion Into USA Thanks to Tax Reform

quote:

---

Apple on Wednesday made a slew of announcements about its investment in and contribution to the U.S. economy.

The headline from Apple is that it will "contribute" $350 billion in the U.S. economy over the next five years, although it's unclear exactly how the company came to that number.

But the company did say promise to create 20,000 new jobs and a new campus thanks, in part, to the prospect of tax reform. It said it would spend over $30 billion in capital expenditures over the next five years.

It also said it anticipates a $38 billion tax bill for repatriated cash, as a result of the new tax bill. This implies it will bring back virtually all of its $250 billion in overseas cash.

About $10 billion in capital expenditures will be investments in U.S. data centers, the company said.

Apple also says it will spend $5 billion as part of an innovation fund, up from the $1 billion it previously announced CNBC's "Mad Money."

The announcement raises the bar for the world's most valuable company — now a huge driver of the economy — to continue its dominance and growth in the wake of political pressure on big tech companies.

The job creation will focus on direct employment, but also suppliers and its app business, which it had already planned to grow substantially.

"We have a deep sense of responsibility to give back to our country and the people who help make our success possible," chief executive Tim Cook said in a statement.

---