Apple says it will be spending $55bn in new investments in 2018, contributing $350bn to the US economy over five years and paying $38bn in tax as the new US tax laws have come into effect.
Apple claims the amount of tax it is paying would likely be the largest of its kind ever made.
The company says with these investments 20,000 jobs will be created over the next five years. These investments are concentrated in three areas: direct employment by Apple, spending and investment with Apple’s domestic suppliers and manufacturers, and fuelling the fast-growing app economy which Apple created with iPhone and the App Store.
Its planned capital expenditures in the US, investments in American manufacturing over five years and a record tax payment upon repatriation of overseas profits will account for approximately $75 billion of Apple’s direct contribution.
Tim Cook, CEO at Apple says, “Apple is a success story that could only have happened in America, and we are proud to build on our long history of support for the US economy. 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.”
The company has announced it will be creating a secondary campus to the one in Silicon Valley, details and the location of this new plant will be revealed later on in the year.
