Apple sees $350B in U.S. investments over 5 years

Angelica Greene
January 18, 2018

The company holds $246bn in low-tax countries.

This figure is not including Apple's ongoing tax payments, the tax revenues generated from employees' wages and the sale of Apple products, the company said.

Apple's announcement came weeks after the passage of a GOP tax bill that slashed the corporate tax rate to 21% from 35%.

The tax payment, capital expenditure and and investments in American manufacturing will make up about US$75 billion of the direct investment. Apple now employs over 120,000 Americans. In particular, it wants to "address the coding skills gap and help prepare more people for jobs in software development", the company said.

Apple has not openly solicited bids or tax breaks, but history suggests it will reap many such financial perks.

In addition to everything so far, the company will be helping the next generation of students.

Apple ended fiscal 2017 with $269 billion in cash, cash equivalents and marketable securities. Apple does make some hardware in the U.S., but most of its products are produced and assembled in China.

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At least $10 billion will go toward building new data centers - massive computer warehouses that store information to support services like Apple's Siri, iMessage and Apple Music, the company said.

The company plans to make new investments as well as purchase materials from American companies.

Apple reported that it now employs 84,000 people in the United States.

Earlier on Wednesday, Taoiseach Leo Varadkar signalled that the Government - which is obliged to collect the Apple money even though both it and the USA group are appealing a 2016 European Union decision that the taxes are owed in the first place - does not expect to start collecting the money until the second quarter of this year.

That was what happened a year ago after Amazon announced it would build a second headquarters in North America to expand beyond its current Seattle home. "I hope to see this replicated across the entire U.S".

Apple already has data centers in seven states.

The company also plans to expand the advanced manufacturing fund it started last spring from $1 billion to $5 billion.

Other reports by GizPress

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