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.

appleeconomy
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

M87 Avatar
41 months ago
Thank you Donald J Trump! Make America Great Again!
Score: 140 Votes (Like | Disagree)
budselectjr Avatar
41 months ago
Very confusing as I was told this tax bill was going to kill us all.
Score: 138 Votes (Like | Disagree)
edk99 Avatar
41 months ago
MAGA! Thanks President Trump!
Score: 114 Votes (Like | Disagree)
BittenApple Avatar
41 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)
magicschoolbus Avatar
41 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)
magicschoolbus Avatar
41 months ago
GREAT AGAIN!
Score: 63 Votes (Like | Disagree)

Top Stories

iphone 6 in hand

Apple Faces Another iPhone Lawsuit Over 'Programmed Obsolescence'

Monday March 1, 2021 6:44 am PST by
Apple faces a new class-action lawsuit that accuses it of deliberately releasing iOS updates that slowly reduce the performance of an iPhone, forcing customers to upgrade their devices. The lawsuit comes from the Portuguese Consumer Protection Agency, Deco Proteste (via Marketeer), which in a statement says that it will proceed with a case against the Cupertino tech giant because it...
PIA23764 RoverNamePlateonMars web

NASA Mars Perseverance Rover Uses Same PowerPC Chipset Found in 1998 G3 iMac

Tuesday March 2, 2021 3:21 am PST by
NASA's Perseverance rover, which recently made history landing on the surface of Mars, is powered by the same processor used in an iMac more than 23 years old. Image Credit: NASA As reported by NewScientist (via Gizmodo), the rover includes the PowerPC 750 processor, the same chip used in the G3 iMac in 1998. The main chipset is the same; however, there are differences between the...
magsafe charging brick feature

Prosser: iPhone 12 MagSafe Battery Pack to Feature Reverse Charging

Monday March 1, 2021 1:18 pm PST by
Apple is working on MagSafe-compatible battery packs that will be compatible with the iPhone 12 models, and leaker Jon Prosser today said on the Genius Bar podcast that one version of the battery pack will feature "reverse charging." According to Prosser, Apple is working on two versions of the battery packs, one that's a standard version and one that's a premium version with reverse...
iphone 12 pro display video

iPhone 13 to Include 1TB Storage Option and LiDAR Across the Board, Says Wedbush Analyst

Monday March 1, 2021 4:00 am PST by
Apple's forthcoming iPhone 13 could include a 1TB storage option for some models and LiDAR Scanners across the entire lineup, according to a report from Wedbush analysts. In a new note to investors, seen by MacRumors, Wedbush analyst Daniel Ives said that initial Asian supply chain checks gave the firm "increased confidence" that Apple's 5G-driven product cycle would extend well into 2022,...
Top Stories 47 Feature copy

Top Stories: MacBook Pro, iMac, and AirPods Rumors, macOS 11.2.2, MagSafe Wallet Revisited

Saturday February 27, 2021 6:00 am PST by
March is right around the corner, and that means our first good opportunity for Apple product launches in 2021 as the company frequently has significant launches in March or April each year. We're hearing rumors about MacBook Pro, iMac, AirPods, and more, although many of these will be coming out at different times over the course of the year. This week also saw a macOS update to address a ...
microsoft edge ios android

Bill Gates Says His Preference for Android Over iPhone is Due to Pre-Installed Software

Friday February 26, 2021 3:35 am PST by
Microsoft co-founder Bill Gates this week participated in his first meeting on Clubhouse, the increasingly popular invite-only conversation app, where he fielded a range of questions as part of an ongoing book tour. Gates was interviewed by journalist Andrew Ross Sorkin, and given that the Clubhouse app is currently only available on iOS, naturally one of the questions that came up was...
iphone 12 120hz thumbnail feature

Kuo: iPhone 13 Lineup to Feature Smaller Notch and Larger Batteries, 120Hz Display for Pro Models, and More

Monday March 1, 2021 7:50 am PST by
iPhone 13 models will all feature a smaller notch, while the two Pro models will be equipped with low-power LTPO display technology for a 120Hz refresh rate, analyst Ming-Chi Kuo said today in a research note obtained by MacRumors. Subscribe to the MacRumors YouTube channel for more videos. Several other sources have previously claimed that some iPhone 13 models will support a 120Hz refresh...
maxresdefault

HomeKit Essentials Worth Checking Out

Saturday February 27, 2021 7:05 am PST by
HomeKit was slow to take off after its 2014 launch, but now that it's been around for seven years, there are hundreds of HomeKit products available, ranging from doorbells and speakers to TVs, lights, and cameras. In our latest YouTube video, we rounded up some of our favorite HomeKit products that we find most useful. Subscribe to the MacRumors YouTube channel for more videos. HomePod...
First Look Big Sur Feature2

Apple Releases macOS Big Sur 11.2.2 to Prevent MacBooks From Being Damaged by Third-Party Non-Compliant Docks

Thursday February 25, 2021 10:07 am PST by
Apple today released macOS Big Sur 11.2.2, the fourth update to the macOS Big Sur operating system that launched in November. macOS Big Sur 11.2.2 comes two weeks after the release of macOS Big Sur 11.2.1, a bug fix update. The new ‌‌‌‌macOS Big Sur‌‌‌ 11.2.2‌ update can be downloaded for free on all eligible Macs using the Software Update section of System Preferences....
Apple Prefer Lightning Over USB C Feature

iPhone Sticking With Lightning Port Over USB-C for 'Foreseeable Future'

Tuesday March 2, 2021 9:32 am PST by
Apple will retain the Lightning connector on the iPhone for the "foreseeable future," with no intention of switching to USB-C, according to reliable analyst Ming-Chi Kuo. In spite of much of the industry moving toward USB-C, Apple will not be using it to replace the Lightning connector on the iPhone 13, or indeed on any iPhone model for the time being. In a note seen by MacRumors yesterday,...