Apple vows to contribute $350 billion to U.S. economy, create 20,000 jobs

The Cupertino giant is looking to expand its footprint in the United States economy, with a promise of contributing $350 billion to the economy over the next five years.

The company also believes it will be responsible for the creation of 20,000 new jobs in the country in the next five years as a result of increasing employment by the company directly, as well as indirectly through its investments and spending on domestic partners and through the growing app economy it has helped foster.

CEO Tim Cook made the following statement regarding his company's responsibility toward the U.S. economy:

"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.”

Of that $350 billion figure, Apple's actual direct investment into the economy will be only $75 billion via increased capital expenditure and investments in manufacturing. The company must pay a large $38 billion repatriation tax to bring back most of the $252 billion of profits it has stored overseas, which encompasses about half of the $75 billion figure.

The rest of the company's contributions seems to refer to the sheer effect a massive conglomerate like Apple has on its home country through spending. The company also announced it will be increasing the size of the Advanced Manufacturing Fund it announced last year from $1 billion to $5 billion.

Alongside the recently completed Apple Park campus, the company also announced plans for the creation of a new campus within the U.S., though it did not announce the proposed location of the facility at this time.

Source: Apple

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