Apple vows to contribute $350 billion to USA economy, create 20000 jobs


That $350 billion estimate doesn't include Apple's tax payments, the tax revenues from employees' wages, and the sale of Apple products.

Companies like AT&T and Comcast have already pledged that any tax savings from changes in the USA tax laws that would decrease the tax rate on overseas profits would go towards business investments and employee benefits. In all, Apple says its contribution to the United States economy will total out to $350 billion.

In a news release, the company also said it would make a $38 billion tax payment to the required by recent changes to the tax law.

Tim Cook is going as American as Apple's pie.

Apple has not openly solicited bids or tax breaks, but history suggests it will reap many such financial perks. Apple was not forthcoming on more specific details about the campus. The company didn't say how much it planned to return of its $252.3 billion in cash and marketable securities held overseas. That "deferral" provision led companies to stockpile an estimated US$3.1 trillion offshore and many were criticised for the moves, including Apple.

The company also announced it is expanding its education and teacher support initiatives. Apple didn't say how much, if any, of that stash it would repatriate, but by highlighting its USA capital-expenditure plans the company clearly wants to climb on President Donald Trump's "America First" bandwagon. President Donald Trump during the presidential campaign blasted the company for outsourcing.

The company said the plans span three areas in which it impacts the creation of jobs the most, which are direct employment, spending and investment with its domestic suppliers and manufacturers, and what it calls the "app economy".

Apple plans to open a new headquarters in the United States this year, as part of an effort that will see Apple hire 20,000 new workers over the next five years. According to the release, Apple's current workforce across the 50 U.S. states is 84,000.

The world's most valuable company noted at the time that it has earmarked US$36 billion to cover deferred United States taxes.

That was what happened previous year after Amazon announced it would build a second headquarters in North America to expand beyond its current Seattle home. Amazon is expected to announce the winning bid later this year.

Apple planned to spend more than US$10 billion on USA data centers, which play an increasingly important role as the California-based iPhone maker focuses on increasing revenue from services and content based in the internet 'cloud'.

In Wednesday's statement, Apple also said it would increase its Advanced Manufacturing Fund from US$1 billion to US$5 billion.

Apple's high-profile commitment may pressure its peers in the technology sector to take similar steps, despite the industry's disdain with many of Trump's other policies, especially those affecting immigration.