Apple CEO Tim Cook says the iPhone maker's repatriated profits will result in a $38 billion US tax payment and generate $350 billion in economic activity
CNBC: Apple announces plans to repatriate billions in overseas cash, says it will contribute $350 billion to the US economy over the next 5 years
* Apple says the new tax law will help it will contribute $350 billion to the U.S. economy over the next five years.
* It says it will create 20,000 new jobs and open a new campus.
* Apple expects to pay about $38 billion in taxes for the horde of cash it plans to bring back to the United States.
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.
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Update: Apple says will pay $38 bn in taxes on repatriated profits (AFP)
WNU Editor: Apple is already the largest taxpayer in the U.S.. One can only imagine the enormous economic benefits that such a transfer of wealth from overseas to the U.S. economy will bring .... and I am willing to bet that Apple will not be the only company doing this. The global economic and geopolitical impacts from changes in U.S. tax and regulatory should never be underestimated .... and Apple is a perfect example of this point.
10 comments:
https://www.zerohedge.com/news/2018-01-17/apple-gives-employees-2500-bonuses-because-trump-tax-cuts
Major corporations are finally out from under the Obama burden. After eight years of frustration, apprehension, confusion and confiscation.
MAGA,
R,
We have the fracking revolution, tax cuts that have already had a major beneficial impact on Americans, bonuses that are due to the tax cuts having a major beneficial impact on Americans, now this, and likely more to follow. Much of this is due to the almost singlehanded determination of a POTUS to get all of this through in spite of relentless and often unreasonable opposition by his opponents and those who were supposed to be on his side.
Will he receive any of the credit for this? In the media, it is likely no. Are Americans going to buy into the media false narratives or will they will they afford him the credit he deserves? The jury so to speak is still out on that one.
No one would pretend that America is a "wealthy" nation by any stretch as Americans have had it very hard for a very long time. With that said, if this can continue, America could very well become a wealthy nation and perhaps even one of the world's most powerful and influential nations.
I do not trust any politician.. and know that for every dollar spent on employees.. a few are returned to shareholders.
That being said, Donald Trump has done more for the 'average' American in one year than Obama AND Bush did in 16.
Respect goes a long way. This man has mine. America has been pieced and partitioned overseas to the point that actual Americans can no longer consume without handouts. With the failing petro dollar and all the 'Et tu Brute' deals, I am glad Clinton lost.
Would already be in prison for refusing (as a PTSD vet) to give up my firearms.
We dodged a bullet.. but for how long?
So U.S.A. lose 1.500 billions of taxes each year and yours are happy for(maybe)38 billions in 5 years?
OK.
Is not the same, but this reminds me of the fiscal shield made by Berlusconi in 2009: a shitty fail.
LOL @young commie - Economic literacy just ain't yer thing, is it...
SIMPLE,
MATH,
FAIL,
R,
RussIn.. maybe check your math skills? He was merely pointing out that the US (according to him) is losing 1.5trillion in taxes every year - it's a bit much, but he's entitled to his opinion. The GDP of the US in 2016 was 18.57trillion. So it's technically possible, but I don't think it was quite that much that was lost in one year.
By the way, China's GDP is 11.2 trillion (and they have 5 times more people.. lol so lame)
Um no, Anon. the number he stated was "1.500 billions". Which equals exactly 0.0015 trillion. Or one point five billion.
/it's the decimal thing... ;)
Depends which country he is from! Certainly not US, then it'd be 1,500. But Europe and Asia go often with 1.500
For example one thousand five hundred euros and 0 cent is 1.500,00
Got it?
And no one would add two trailing zeroes to 1.5 lol you wouldn't even have high enough precision in economics to do that. So it's clearly meant to be 1.5 trillion, not 0.0015. Who'd give a f about 0.0015 trillion from a federal perspective. Lol
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