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Apple (NASDAQ:AAPL) Bring its Overseas 'Cash Pile' Home

Apple (NASDAQ:AAPL) Bring its Overseas 'Cash Pile' Home

That could increase the size of Apple's workforce by more than 16%. That's what happened the last time a one-time break on offshore profits was offered more than a decade ago.

Apple is likely to be the biggest beneficiary of that provision. The big payment is the result of President Donald Trump's tax cut bill, passed last month, which created a new, special tax rate for overseas cash. The company also said they expected to pay about $38 billion for its one-time repatriation of cash back to the U.S.

"The thrust here is American jobs, jobs on American soil, build manufacturing here, don't build everything in China", Gordon said. Already the most profitable company on the planet, Apple will have its corporate tax rates slashed. "On the other hand, it shows how successful they've been at gaming the system" around the world, said Edward Kleinbard, a law professor at the University of Southern California. Apple is investing more cash into its share of government's ConnectED program to ensure that students in less fortunate communities have the necessary hardware and other resources to learn the tech0related skills needed to succeed.

A provision in the Republican tax plan that was passed last month allows a one-time repatriation of corporate cash held overseas.

Besides hiring more workers and building its second campus, Apple is also planning to open more data centers to help back up the photos, documents and other content that people store on their phones, tablets and computers.

Apple said its one-time tax payment was the result of recent changes to US tax law, under which companies must pay a one-time tax of 15.5% on overseas profits held in cash and other liquid assets.




About $75 billion of the $350 billion in USA investments will be paid from money that had been overseas, Apple estimated. Companies like Apple, Google and Amazon have each been accused of monopolizing their respective industries and displacing jobs through automation.

That figure includes its spending with domestic suppliers and manufacturers, which Apple estimates will be $55 billion for 2018; the company said it excludes Apple's ongoing tax payments, taxes from employees' wages and the sale of products. The new location, which Apple said it will announce later this year, will be similar to the company's existing campus in Austin, Texas, for supply-chain and technical-support employees.

Apple plans to increase the Advance Manufacturing fund from $1 billion to $5 billion, which was established to support innovation among American manufacturers.

Already by far the most valuable company in the world, Apple is now within spitting distance of becoming the world's first trillion U.S. dollar company.

In 2013, a Senate committee accused Apple of using a "highly questionable" web of offshore vehicles to avoid paying taxes in the US.


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