Apple Plans A $350 Billion Contribution To The US Economy

Reno Mayor Hillary Schieve Apple CEO Tim Cook and Nevada Gov. Brian Sandoval attend a groundbreaking ceremony on Wednesday

Apple Plans A $350 Billion Contribution To The US Economy

The economic contribution will not include tax payments, the release said, nor will it include tax revenues from products sales or employee wages.

The Cupertino, California-based tech giant said its investments will focus on job creation, spending with US suppliers and an expansion of the App Store, Apple's digital content hub.

The company plans to spend more than $30 billion on capital expenditures within the country over the next five years and create more than 20,000 new jobs.

Despite many employees' transition into the newest campus, Apple Park, not yet being complete, it makes sense for a company of Apple's scale and growth to continue expanding its corporate footprint. This new campus will be built in downtown Reno to support existing Nevada facilities.

Apple will spend $55 billion on new investments with its domestic suppliers and manufacturers in this year alone and over the next five years it will contribute more than $350 billion to the USA economy. More than $10 billion of the capital expenditures will be pumped into data centers across the country.

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The new plans for Apple contributions to the U.S. economy were revealed in a press release today. "Being seen to just hand the cash back to shareholders could spark some political sensitivities", and the spending announcement could be part of Apple's efforts to manage this issue, Cordwell said. According to the release, Apple expects to pay approximately $38 billion in US repatriation taxes, which means that it will be using a special corporate tax break to repatriate approximately $245 billion in profits created outside the country. Like Amazon, Apple has not indicated a location for the new campus which is expected to focus on tech support for its customers.

It has also lobbied for the ease tax rates on foreign profits brought back to the US, saying that such changes would allow the company to invest more freely in the USA economy.

Apple has confirmed that it's going to bring back hundreds of billions of dollars in order to fund future investments in the United States. The company is planning to expand its current coding initiatives that are designed to help people learn how to create iOS apps using Swift and it will also increase funding for ConnectED which helps students in "historically undeserved companies" learn coding skills.

Apple's Advanced Manufacturing Fund was launched in early 2017 as a $1 billion fund. That's in addition to the tax payments it already makes there.

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