Apple Details $350 Billion Contribution to US Economy Over Next 5 Years

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Apple plans to take advantage of that provision to bring back more than $250 billion in offshore cash, generating a tax bill of roughly $38 billion. Apple is already the largest taxpayer in the US.

Bank of America Merrill Lynch analyst Wamsi Mohan estimated on Wednesday Apple had $236 billion available to be repatriated to the U.S.

Apple (AAPL) said it will build a second corporate campus and hire 20,000 workers in a $350 billion, five-year commitment to the us economy.

The company said this number does not include ongoing tax payments, or tax revenue generated by wages paid to employees or sales tax on Apple products.

"We have a deep sense of responsibility to give back to our country and the people who help make our success possible", Cook said in a press release. It will announce the location later this year. Over $10 billion of the expansion will be used on US data centers, including a new facility in downtown Reno, Nevada, a recently announced location in Iowa, and centers in five other states.

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"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 USA economy", Apple CEO Tim Cook said in a statement on Wednesday.

Apple said Wednesday it will build a new campus, initially for tech-support workers, later this year in a new location outside the Bay Area.

About a third of the new spending will be on data centers to house its iCloud, App Store and Apple Music services.

Today, Apple is breaking ground on a new facility in downtown Reno, which will support its existing Nevada facilities.

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