Apple plans new US campus, to pay $38 billion in foreign cash taxes

Apple Inc will open a new campus as part of a 5-year, $30 billion US investment plan and will make about $38 billion in one-time tax payments on its overseas cash, one of the largest corporate spending plans announced since the passage of a tax cut signed by US President Donald Trump.

The company has been under increasing pressure to make US investments since the 2016 presidential campaign, when Trump targeted the iPhone maker for making products in Asian factories.

While Apple has announced no plans to change that practice and experts say it would be economically impractical to make iPhones in the United States, the company has begun to emphasize its US economic impact, from developers who sell software on its App Store to the tens of billions of dollars per year it spends with US suppliers.

Between the spending plan, hiring 20,000, tax payments and business with US based suppliers, Apple on Wednesday estimated it would spend $350 billion in the United States over the next five years.

It did not, however, say how much of the plan was new or how much of its $252.3 billion in cash abroad, the largest of any US corporation, it would bring home. In addition to the $38 billion in taxes it must pay, Apple has run up $97 billion in US-issued debt to pay for previous share buybacks and dividends.



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