Apple CEO Tim Cook says the iPhone maker's repatriated profits will result in a $38 billion US tax payment and generate $350 billion in economic activity
CNBC: Apple announces plans to repatriate billions in overseas cash, says it will contribute $350 billion to the US economy over the next 5 years
* Apple says the new tax law will help it will contribute $350 billion to the U.S. economy over the next five years.
* It says it will create 20,000 new jobs and open a new campus.
* Apple expects to pay about $38 billion in taxes for the horde of cash it plans to bring back to the United States.
Apple on Wednesday made a slew of announcements about its investment in and contribution to the U.S. economy in part because of the new tax law.
The headline from Apple is that it will make a $350 billion "contribution" to the U.S. economy over the next five years, although it's unclear exactly how the company came to that number.
The company also promised to create 20,000 new jobs and open a new campus.
It said it expects to pay about $38 billion in taxes for the horde of cash it plans to bring back to the United States. This implies it will repatriate virtually all of its $250 billion in overseas cash.
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Update: Apple says will pay $38 bn in taxes on repatriated profits (AFP)
WNU Editor: Apple is already the largest taxpayer in the U.S.. One can only imagine the enormous economic benefits that such a transfer of wealth from overseas to the U.S. economy will bring .... and I am willing to bet that Apple will not be the only company doing this. The global economic and geopolitical impacts from changes in U.S. tax and regulatory should never be underestimated .... and Apple is a perfect example of this point.