Apple to Repatriate Billions From Overseas After Tax Bill, Contribute $350B to U.S. Economy Over 5 Yrs

Chris Menahan
InformationLiberation
Jan. 18, 2018

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During the 2016 election, President Obama mocked the idea that Donald Trump had a "magic wand" which could bring jobs back to America.

It turns out Trump was right, though his "magic wand" is just common sense, pro-America, pro-growth economic policies.

From CNBC:

Apple on Wednesday made a slew of announcements about its investment in and contribution to the U.S. economy in part because of the new tax law.

The headline from Apple is that it will make a $350 billion "contribution" to the U.S. economy over the next five years, although it's unclear exactly how the company came to that number.

The company also promised to create 20,000 new jobs and open a new campus.

It said it expects to pay about $38 billion in taxes for the horde of cash it plans to bring back to the United States. This implies it will repatriate virtually all of its $250 billion in overseas cash.

Apple also said it will spend over $30 billion in capital expenditures over the next five years. About $10 billion in capital expenditures will be investments in U.S. data centers, the company said.

Apple added that it will spend $5 billion as part of an innovation fund, up from the $1 billion CEO Tim Cook announced last year on CNBC's "Mad Money."
The job creation will include direct employment and also suppliers and its app business, which it had already planned to grow substantially (app developers earned $26.5 billion in 2017.) The new campus will focus on customer support.

Tom Cook told ABC News the tax bill played a large part in their decision and predicted the corporate tax cuts will be good for job creation:

.@RebeccaJarvis asked Tim Cook if Apple would be able to announce the creation of 20,000 U.S. jobs without new lower corporate tax rate: "There are large parts of this that are a result of the tax reform and there's large parts of this that we would have done in any situation." pic.twitter.com/lAaYiLqhA1
— ABC News (@ABC) January 18, 2018

Trump celebrated the news on Twitter and posted a series of tweets on his economic recovery:

I promised that my policies would allow companies like Apple to bring massive amounts of money back to the United States. Great to see Apple follow through as a result of TAX CUTS. Huge win for American workers and the USA! https://t.co/OwXVUyLOb1
— Donald J. Trump (@realDonaldTrump) January 17, 2018

During the campaign, I promised to MAKE AMERICA GREAT AGAIN by bringing businesses and jobs back to our country. I am very proud to see companies like Chrysler moving operations from Mexico to Michigan where there are so many great American workers! https://t.co/hz2q9UTfnF
— Donald J. Trump (@realDonaldTrump) January 17, 2018

Main Street is BACK! Strongest Holiday Sales bump since the Great Recession -- beating forecasts by BILLIONS OF DOLLARS. https://t.co/kDcGbMieSt
— Donald J. Trump (@realDonaldTrump) January 17, 2018

As Trump highlighted during yesterday's Fake News Awards, The New York Times' Paul Krugman said the economy would never recover after Trump's electoral victory.

Barack Obama mocked the idea Trump could "bring all these jobs back" to America back on June 1, 2016.

"When somebody says, like the person you just mentioned, that he's gonna bring all these jobs back, well, how exactly are you gonna do that? What are you gonna do? There's, uh, uh, uh, no answer to it," Obama said. "Trump just says, 'I'm gonna negotiate a better deal.' Well, how? How exactly are you gonna negotiate that? What magic wand does Trump have? And usually the answer is, he doesn't have an answer."

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