Included in that is the construction of a new campus and a record $38 billion tax repatriation payment, perhaps the largest of its kind ever made. Cook refused to "take a position" on how the new tax plan will affect individual Americans but commented on the corporate tax saying, "I do believe the corporate side will result in job creation and a faster growing economy".
Apple plans to create 20,000 jobs in the U.S. over the next five years and it also announced that its advanced manufacturing fund will receive a total of $5 billion in investment. Apple did not, however, announce a special bonus for employees or pledge to increase wages, as many companies have done.
The company's new Apple campus - separate from its Cupertino, Calif., headquarters - will initially house technical customer support.
Apple is doubling down on its commitment to support the United States economy with the announcement of an additional $350 billion investment over the next five years. This new campus will be built in downtown Reno to support existing Nevada facilities.
Apple, which has by far more cash held overseas than any U.S. company, announced January 17 that it will spend around $30 billion on capital expenditures and create 20,000 new jobs in the USA over the next five years.
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Moreover, Deltec Asset Mngmt Limited Liability Co has 1.76% invested in Schlumberger Limited (NYSE:SLB) for 124,842 shares. Fiduciary Management Inc bought 455,054 shares as the company's stock declined 11.04% while stock markets rallied.
Apple would not say if it had already selected the location of the new campus, only that it would release more information later this year.
Apple will contribute $350 billion to the United States economy over the next five years, including a $5 billion Advanced Manufacturing Fund. $10 billion of that will be in data centers in the US.
Apple has announced it will pay $38 billion in taxes to the United States federal government as it brings some of the cash from its overseas stockpile back into the USA. The fund is expected to grow from $1 billion to $5 billion.
Apple also promised to expand initiatives geared toward teaching its Swift coding language, noting there are more than 500,000 unfilled programming-related positions across the country. It's also increasing its "Advanced Manufacturing Fund"-a billion-dollar pot of money it earmarked for working exclusively with USA suppliers, and its original supplication to Trump's tax plan-fivefold".
Apple and Amazon for years have already enjoyed circumventing taxes and getting European Union profits out of the continent tax free.