Apple also added that about $10 billion of the planned United States investments will go into data centers, and that it will break ground on a new center in Reno, Nevada, today.
Apple said its plans would contribute more than $350bn to the United States economy over the next five years. Cook refused to "take a position" on how the new tax plan will affect individual Americans but commented on the corporate tax saying, "I do believe the corporate side will result in job creation and a faster growing economy".More news: Essex Property Trust (ESS) Stock Rating Reaffirmed by JMP Securities
Apple said that as required by the new tax law, it will pay $38 billion in taxes from its massive cash holdings overseas. "A payment of that size would likely be the largest of its kind ever made", the company said in a statement.
The Cupertino, California, company says it will announce the location of a second campus devoted to customer support later this year. The company has revealed some figures which suggest that it's going to repatriate nearly all of its $250 billion cash pile to the United States. It's unclear if the company plans to build the manufacturing facilities mentioned by Trump. More than US$10 billion will be invested in data centres in the US. For the moment, Apple isn't telling where the new location will be, but it says in a new post on its site that we'll learn "later in the year".
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.More news: Djokovic overcomes injury scare, defeats Viñolas at Australian Open
The amount Apple is paying tax on is larger than analysts anticipated. The new tax code calls for a 15.5% repatriation tax rate. This is expected to go to over $350 billion in the span of coming 5 years.
Apple is one of many companies reinvesting in the US and its workers following approval of the Republican tax deal.
The company also plans on expanding its workforce by adding 20,000 employees, who will work at existing Apple facilities, as well as the upcoming new campus.More news: Arsenal see off Palace; United, Chelsea post wins