By Tripp Mickle Jan. 17, 2018

Apple Inc. AAPL 1.65% said it would pay a one-time tax of $38 billion on its overseas cash holdings and ramp up spending in the U.S., as it seeks to emphasize its contributions to the American economy after years of taking criticism for outsourcing manufacturing to China.

The world’s most valuable publicly traded company laid out its plans Wednesday in a statement that was full of big-dollar figures, though it said that much of the money reflected Apple’s current pace of spending.

Apple said it would invest $30 billion in capital spending in the U.S. over five years that would create more than 20,000 jobs. The total includes a new campus, which initially will house technical support for customers, and $10 billion toward data centers across the country. It also will expand from $1 billion to $5 billion a fund it established last year for investing in advanced manufacturing in the U.S.

All told, Apple said it would directly contribute $350 billion to the U.S. economy over the next five years, with the bulk—about $55 billion this year, for example—coming from ongoing spending on parts and services from U.S. suppliers. That number also includes the federal tax payment and capital spending.

Chief Executive Tim Cook touted the plans as building on Apple’s support for the nation’s economy. “We have a deep sense of responsibility to give back to our country and the people who help make our success possible,” he said in a statement.

The announcement comes after President Donald Trump late last year signed into law a major overhaul of the U.S. tax code, under which companies must pay a one-time tax of 15.5% on overseas profits held in cash and other liquid assets. Apple cited those changes as the reason for its giant tax payment, which it said would likely be the largest of its kind, but didn’t say how much of its $252.3 billion in overseas cash holdings it plans to bring home.

The company said in November that it had earmarked $36 billion to cover deferred taxes on that money, assuming that it would eventually pay U.S. taxes on a portion of it by bringing it home.

Mr. Trump praised Apple’s announcement on Twitter, saying his policies allowed the tech giant “to bring massive amounts of money back to the United States.” He added, “Huge win for American workers and the USA!”

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https://www.wsj.com/articles/apple-to-pa...mpus-1516215419

"News such as this must give Liberals fits." Cincinnatus



They have a few drums they keep beating (racist! Hitler! Stalin! Russian collusion!) hoping to distract the low information voter.

But 'the Big O' took the cake when he actually claimed credit for this recovery on Dec 6, 2017. Zero gave a speech to his sycophants in Chicago and darn near dislocated his shoulder by patting himself on the back!

"Former President Barack Obama thanked himself in a speech Tuesday in which he took credit for American economic growth occurring under Republican President Donald Trump. Obama told an adoring crowd at a Chicago climate summit that despite “resistance at every step of the way,” his administration’s efforts to fight climate change resulted in a better economy."

https://www.theblaze.com/news/2017/12/06...wth-under-trump

Only a brain dead partisan buys into that 'pat-yourself-on-the-back' shee-it he was shoveling that nite! TM