Apple will pump $350 billion into the U.S. economy over the next five years. Thanks to the new tax bill, Apple is on pace to spend $55 billion just this year in domestic suppliers and manufactures. The tech giant will also open a new campus that’s powered entirely by green energy and create 20,000 new jobs.
“We believe deeply in the power of American ingenuity, and we are focusing our investments in areas where we can have a direct impact on job creation and job preparedness,” Tim Cook, Apple CEO, stated. Apple is the biggest taxpayer in the U.S. and will pay $38 billion in repatriation tax on profits they made overseas.
The tax bill includes an incentive for U.S. companies to bring home foreign holdings. The company has been getting major heat for its overseas iPhone production. But reaction to this latest news has been highly positive. In fact, shares jumped half a percent after the announcement, adding $5.6 billion to their market value. “On the one hand, this is a record payment. On the other hand, it shows how successful they’ve been at gaming the system around the world,” explained Edward Kleinbard, a law professor at the University of Southern California, to the Washington Post.