Apple Plans $350 Billion Boost to U.S. Economy Over 5 Years, 20,000 New Jobs, and a New Campus [Updated]

Apple today highlighted its plan to to bolster the U.S. economy through job creation, existing investments, and new investments, with the company on target to contribute $55 billion to the economy in 2018 and $350 billion over the course of the next five years.

Along with its $350 billion contribution through direct employment, investment with domestic suppliers, and the App Store economy, Apple will increase its Advanced Manufacturing Fund from $1 billion to $5 billion.


The Advanced Manufacturing Fund is designed to create jobs in the United States through investments in Apple suppliers. Apple has already invested $200 million in Corning, maker of Gorilla Glass, and $390 million in Finisar, a supplier that makes vertical-cavity surface-emitting laser (VCSEL) components found in the iPhone X's True Depth camera.

"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," said Tim Cook, Apple's CEO. "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."

Apple plans to repatriate much of its overseas profits and expects to pay taxes of $38 billion when doing so, which Apple says is likely to be the largest payment of this kind ever made. That tax payment, combined with its U.S. investments and planned capital expenditures, will account for $75 billion of its projected $350 billion contribution.

Apple will be paying 15.5 percent in taxes to repatriate its overseas cash, suggesting the company plans to repatriate approximately $245 billion, or nearly all of its foreign money.

Apple will create 20,000 new jobs and spend $30 billion hiring new employees at its existing campus and opening a new campus. Apple has a new campus in the works that will "initially house technical support for customers." Its location will be announced later in the year.

More than $10 billion of Apple's planned capital expenditures will be investments in data centers across the United States, with Apple breaking ground on a new facility in Reno, Nevada starting today.

Apple's final plan to bolster the economy is through education. The company will expand its current coding initiatives that are designed to help people learn how to create iOS apps using Swift and it will increase funding for ConnectED to help students in "historically underserved communities" learn coding skills.

Update: Apple today also told employees that it will issue a bonus of $2,500 worth of restricted stock units following the introduction of the new U.S. tax law. Stock grants will be issued to most employees below a director level worldwide "in the coming months."

Apple also plans to offer a new charitable donation program that will see the company matching all employee charitable donations to up to $10,000 annually at a rate of two to one. Apple will also double the amount it matches for each hour of time an employee donates to a charity.

Full details on both Apple's new stock bonus and its donation policy were shared in an email to employees, which has been published by Axios.

Note: Due to the political nature of the discussion regarding this topic, the discussion thread is located in our Politics, Religion, Social Issues forum. All forum members and site visitors are welcome to read and follow the thread, but posting is limited to forum members with at least 100 posts.

Top Rated Comments

(View all)
Avatar
31 months ago
Thank you Donald J Trump! Make America Great Again!
Score: 140 Votes (Like | Disagree)
Avatar
31 months ago
Very confusing as I was told this tax bill was going to kill us all.
Score: 138 Votes (Like | Disagree)
Avatar
31 months ago
MAGA! Thanks President Trump!
Score: 114 Votes (Like | Disagree)
Avatar
31 months ago

And now we’ll get comments after comment about how if only Apple would pay it’s fair share of taxes. :rolleyes:

REEEEEEEEE

Donald trump was supposed to ruin this country !!!

MAGA
Score: 90 Votes (Like | Disagree)
Avatar
31 months ago

Very confusing as I was told this tax bill was going to kill us.

Dems are liars, who now want to hold the legal citizens own government hostage and shut it down, if we don't grant permission to those that have already broken the law to get here and live here legally. yes, you read that right! Dems are holding the legal citizens government hostage over an illegally passed bill that helps illegal people that have gotten here illegally. SAD! So much for Dems working for American families and the American worker. They only work for the illegals.
Score: 68 Votes (Like | Disagree)
Avatar
31 months ago
GREAT AGAIN!
Score: 63 Votes (Like | Disagree)

Top Stories

Leaker: Apple to Stick With Lightning Over USB-C for 'iPhone 12' Before Going Port-Less Next Year

Tuesday May 26, 2020 2:31 am PDT by
Apple will use a Lightning port instead of USB-C in the upcoming "iPhone 12," but it will be the last major series of Apple's flagship phones to do so, with models set to combine wireless charging and a port-less Smart Connector system for data transfer and syncing in the iPhone "13 series" next year. The above claim comes from occasional Apple leaker and Twitter user "Fudge" (@choco_bit),...

Apple Releases macOS Catalina 10.15.5 With Battery Health Management Features, Fix for Finder Freezing

Tuesday May 26, 2020 1:59 pm PDT by
Apple today released macOS Catalina 10.15.5, the fifth update to the macOS Catalina operating system that was released in October 2019. macOS Catalina 10.15.5 comes two months after the launch of macOS Catalina 10.15.4, which introduced Screen Time Communication Limits. macOS Catalina 10.15.5 is a free update that can be downloaded from the Mac App Store using the Update feature in the...

16-Inch MacBook Pro, iPad Pro, and iMac Pro With Mini-LED Displays Again Rumored to Launch in 2021

Tuesday May 26, 2020 5:30 am PDT by
Apple plans to release several higher-end devices with Mini-LED displays in 2021, including a new 12.9-inch iPad Pro in the first quarter, a new 16-inch MacBook Pro in the second quarter, and a new 27-inch iMac in the second half of the year, according to Jeff Pu, an analyst at Chinese research firm GF Securities. This timeframe lines up with one shared by analyst Ming-Chi Kuo, who recently...

Leaker Shares Details on 'iPhone 13' Camera

Wednesday May 27, 2020 4:27 pm PDT by
The next-generation iPhone 12 lineup coming in fall 2020 isn't out yet, but Fudge (@choco_bit), a leaker who sometimes shares information on upcoming Apple devices, today offered up details on what Apple has in store for the 2021 iPhone 13's camera setup. A simple design drawing depicts a device with a four camera array, which Fudge claims will have the following features: 64-megapixel...

Jailbreak Tool 'unc0ver' 5.0 Released With iOS 13.5 Compatibility

Sunday May 24, 2020 3:06 pm PDT by
The team behind the "unc0ver" jailbreaking tool for iOS has released version 5.0.0 of its software that claims to have the ability to jailbreak "every signed iOS version on every device" using a zero-day kernel vulnerability by Pwn20wnd, a renowned iOS hacker. The announcement comes just days after it was announced that the tool would soon launch. The unc0ver website highlights how the tool...

Apple Making It Harder to Avoid Nagging macOS Update Notifications

Thursday May 28, 2020 8:13 am PDT by
With the release of macOS Catalina 10.15.5 and related security updates for macOS Mojave and High Sierra earlier this week, Apple is making it more difficult for users to ignore available software updates and remain on their current operating system versions. Included in the release notes for macOS Catalina 10.15.5 is the following:- Major new releases of macOS are no longer hidden when...

HBO Max Now Available on Apple TV and iOS Devices

Wednesday May 27, 2020 2:42 am PDT by
HBO Max launched today, and is now available on Apple TV, iPhone, and iPad. WarnerMedia's new streaming service, which replaces HBO Now, combines HBO content with shows and films from Warner Bros and Turner TV. The service is available as a native app on the ‌Apple TV‌ HD and ‌Apple TV‌ 4K, but second and third-generation ‌Apple TV‌ owners will need to AirPlay HBO Max content...

First App Using Apple and Google's Exposure Notification API Launches in Switzerland

Tuesday May 26, 2020 3:02 pm PDT by
The first app that takes advantage of the Exposure Notification API developed by Apple and Google has launched in Switzerland, according to a report from the BBC. A team of app developers working on contact tracing app called SwissCovid have rolled out the app in a beta capacity for members of the Swiss army, hospital workers, and civil servants. After the app is tested and approved by MPs,...

Anker Launches $100 24K Gold-Plated USB-C to Lightning Cable

Wednesday May 27, 2020 12:47 pm PDT by
Anker, a brand normally known for its well-made, affordable accessories for Apple devices, has debuted a new $100 24K gold-plated USB-C to Lightning cable. According to Anker, the cable, which is in the PowerLine+ III family, features a "Special Edition Gold Design" that's "bold yet elegant" with the aforementioned gold-plated cable heads and matching braided gold and black cable. The...

Apple Reissuing Numerous iOS App Updates, Potentially Related to Recent 'This App is No Longer Shared' Bug

Sunday May 24, 2020 9:13 pm PDT by
Over the past few hours, a number of MacRumors readers have reported seeing dozens or even hundreds of pending app updates showing in the App Store on their iOS devices, including for many apps that were already recently updated by the users. In many cases, the dates listed on these new app updates extend back as far as ten days. Apple has not shared any information as to why updates for...