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posted by martyb on Friday January 19 2018, @02:48AM   Printer-friendly
from the a-billion-here-and-a-billion-there...-now-you're-starting-to-talk-about-real-money dept.

Apple invests $350 billion (with a "B") in USA over next 5 years

https://www.apple.com/newsroom/2018/01/apple-accelerates-us-investment-and-job-creation/:

Apple today announced a new set of investments to build on its commitment to support the American economy and its workforce, concentrated in three areas where Apple has had the greatest impact on job creation: direct employment by Apple, spending and investment with Apple's domestic suppliers and manufacturers, and fueling the fast-growing app economy which Apple created with iPhone and the App Store. Apple is already responsible for creating and supporting over 2 million jobs across the United States and expects to generate even more jobs as a result of the initiatives being announced today.

Combining new investments and Apple's current pace of spending with domestic suppliers and manufacturers — an estimated $55 billion for 2018 — Apple's direct contribution to the US economy will be more than $350 billion over the next five years, not including Apple's ongoing tax payments, the tax revenues generated from employees' wages and the sale of Apple products.

[...] "Apple, already the largest US taxpayer, anticipates repatriation tax payments of approximately $38 billion as required by recent changes to the tax law. A payment of that size would likely be the largest of its kind ever made."

Using the new 15.5 percent repatriation tax rate, the $38 billion tax payment disclosed by Apple means they are doing a $245 billion repatriation. Apple had $252.3 billion in overseas cash as of the end of September quarter, according to SEC filings so that means the company is bringing back nearly all of its foreign cash.

Apple announces plans to repatriate billions in overseas cash and contribute $350B to US economy!

"Apple on Wednesday made a slew of announcements about its investment in and contribution to the U.S. economy in part because of the new tax law.

The headline from Apple is that it will make a $350 billion 'contribution' to the U.S. economy over the next five years, although it's unclear exactly how the company came to that number." https://www.cnbc.com/2018/01/17/apple-announces-350-billion-investment-20k-jobs-over-5-years.html


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  • (Score: 2) by The Mighty Buzzard on Friday January 19 2018, @11:30AM (7 children)

    by The Mighty Buzzard (18) Subscriber Badge <themightybuzzard@proton.me> on Friday January 19 2018, @11:30AM (#624648) Homepage Journal

    in the USA case, that point wasn't reached.

    It quite obviously was if they're repatriating ~$350 billion before the ink's good and dry on the new tax code. Even to Apple, that is not chump change.

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  • (Score: 4, Informative) by c0lo on Friday January 19 2018, @03:50PM (6 children)

    by c0lo (156) Subscriber Badge on Friday January 19 2018, @03:50PM (#624728) Journal

    Mate, I swear I'm amazed how delusional you can be!

    Apple swindled the American people and deprived them of billions and it's punished by... a reduction in their tax obligations.
    Right - 10 years from now not only 53% Americans in the lower-mid income bracket will pay more taxes but, among others, the american roads will look worse can they be [youtu.be] much worse [youtube.com] than now [qz.com]?) and they won't afford health care.

    The robber corporate barons rule you and fuck you sideways and, by God, you like it! The should be a special designation for it.
    Oh, wait, there is one: right-wing middle-class American.

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    • (Score: 2) by The Mighty Buzzard on Friday January 19 2018, @05:23PM (2 children)

      by The Mighty Buzzard (18) Subscriber Badge <themightybuzzard@proton.me> on Friday January 19 2018, @05:23PM (#624778) Homepage Journal

      15% > 0%, just sayin...

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      • (Score: 0) by Anonymous Coward on Saturday January 20 2018, @09:59PM (1 child)

        by Anonymous Coward on Saturday January 20 2018, @09:59PM (#625343)

        I'm glad you learned how to count. Now on to advanced reading skills so you can pick up some philosophy and perhaps earn the title "human".

    • (Score: 2) by Osamabobama on Friday January 19 2018, @06:48PM (2 children)

      by Osamabobama (5842) on Friday January 19 2018, @06:48PM (#624828)

      America doesn't tax Samsung (for example) on its overseas profits, so why should Apple have to pay such a tax? The most pertinent difference between the two is the location of their respective headquarters. Is it so advantageous to be an American company that it would be worth paying additional tax for the privilege?

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      • (Score: 0) by Anonymous Coward on Friday January 19 2018, @09:34PM

        by Anonymous Coward on Friday January 19 2018, @09:34PM (#624924)

        One day the rest of the world will wise up and realize that giving handouts to corporations isn't a great long term plan. Globalism is a relatively new thing, and the various inequalities in world markets are still getting sorted out.

      • (Score: 2) by c0lo on Saturday January 20 2018, @03:51AM

        by c0lo (156) Subscriber Badge on Saturday January 20 2018, @03:51AM (#625021) Journal

        America doesn't tax Samsung (for example) on its overseas profits, so why should Apple have to pay such a tax? The most pertinent difference between the two is the location of their respective headquarters. Is it so advantageous to be an American company that it would be worth paying additional tax for the privilege?

        Oh, sweet naivete. Do you really buy into this?

        WEell, here's a cold shower for you: Apple taxes for the profit realized in US was shifted, until some time ago, in Bahamas, via Ireland and Netherlands.

        Ir was called double Irish with a Dutch sandwich [investopedia.com]

        In 2014, it came under heavy scrutiny, especially from the United States and the European Union, when it was discovered that this technique made it possible to send several billion dollars annually tax-free to tax havens.

        How it Works

        The technique involves two Irish companies, a Dutch company and an offshore company located in a tax haven. The first Irish company is used to receive large royalties on goods, such as iPhones sold to U.S. consumers. The U.S. profits, and therefore taxes, are dramatically lowered, and the Irish taxes on the royalties are very low. Due to a loophole in Irish laws, the company can then transfer its profits tax-free to the offshore company, where they can remain untaxed for years.

        The second Irish company is used for sales to European customers. It is also taxed at a low rate and can send its profits to the first Irish company using a Dutch company as an intermediary. If done right, there is no tax paid anywhere. The first Irish company now has all the money and can again send it onward to the tax haven company.

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