- Apple released a statement on Wednesday, saying they will contribute $350billion to the U.S. economy over the next five years
- The Cupertino, California-based company announced plans to hire 20,000 more employees and build a new campus
- They will also pay $38billion in taxes on $252.3billion in overseas cash, hinting that they may be repatriating that money
Apple Inc said Wednesday that over the next five years, the company will invest over $350billion in the U.S. economy.
That figure doesn’t include the company’s ongoing tax payments, or tax revenues from employees’ salaries or the sales of their products.
The company also said that they plan to build a new campus, at an unspecified location, and create 20,000 new jobs.
Apple released a statement on Wednesday, saying they will contribute $350billion to the U.S. economy over the next five years. Above, an Apple store in New York in 2016
In their statement on Wednesday, the company announced plans to make about $38billion in tax payments on its $252.3 billion in overseas cash in accordance with the tax law passed late last month.
That move hints that they may be planning to repatriate that money.
The announced tax payment was roughly in line with what analysts expected from the tax bill, which requires companies to pay a one-time tax on foreign-held earnings whether they intend to bring them back to the United States or not.
Apple had set aside $36.3billion in anticipation of tax payments on its foreign cash, meaning the payment would not represent a major impact on its cash flow this quarter.