Earlier on Wednesday, Apple announced its plan to invest $350 billion in the US economy due to the latest tax reform.
The company recently announced the plan via a press release as it pointed out three areas of concentrations, direct employment by Apple, spending and investment with Apple’s domestic suppliers and manufacturers, and the digital App Store economy.
While it’s unclear how the company is planning on investing $350 billion the US economy going forward, Apple noted that $75 billion the total number will come from capital expenditures, new investments in manufacturing, and its repatriation tax payment.
At the moment, Apple’s offshore cash reserve stands at $250 billion and as a result of recent tax reform, the company will have to pay about $38 billion repatriation taxes. As a result, the company will bring $250 billion in cash back to the US economy.
With the latest investments, Apple expects to create over 20,000 new jobs over next five years as it announced its plans to establish a new Apple campus in the US.
Apple’s CEO Tim Cook said in the announcement, “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. We have a deep sense of responsibility to give back to our country and the people who help make our success possible.”