Published: Wed, January 17, 2018
Sci-tech | By Carrie Guzman

Apple to make $350B contribution to U.S. economy over 5 years

Apple to make $350B contribution to U.S. economy over 5 years

Apple announced on Wednesday that the company plans to contribute more than $350 billion to the us economy over the next five years by creating more jobs and investing more domestically, building upon what it calls its "commitment to support the American economy and its workforce".

Apple plans to take advantage of that provision to bring back more than $250 billion in offshore cash, generating a tax bill of roughly $38 billion. Including both federal and state taxes, Apple might have been expected to pay up to $100 billion in taxes on $250 billion of overseas profits.

Apple also increases the size of its Advanced Manufacturing Fund it established past year from $1B to $5B.

Apple says it will contribute over US$350 billion to the USA economy over the next five years.

Apple said it would focus on three areas: direct employment by Apple; spending and investment with its domestic suppliers and manufacturers; and fueling the fast-growing app economy that it's created with the iPhone and its App Store.

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Tech companies like Apple and Amazon, which announced plans for a second headquarters outside Seattle a year ago, have been under a microscope recently for their impact on jobs. It will initially house employees who provide technical support for customers.

Amid Wednesday's news, the company also broke ground on a new site in Reno, Nevada.

$5 billion is committed to Apple's Advanced Manufacturing Fund, up from the previously announced $1 billion.

Apple's announcement Wednesday did not specify how many plants it will build.

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