Only a few weeks after President Donald J. Trump signed the Tax Cuts and Jobs Act of 2017, Apple Inc. announced on Wednesday that the corporation would pay a one-time tax of $38 billion on its overseas cash holdings, invest $350 billion into the economy, and create more than 20,000 jobs inside the United States, according to the Wall Street Journal.
Apple CEO Tim Cook told ABC News that the $38 billion tax payment would not have been paid without changes to the tax code.
The Washington Times reported that the California-based company previously said it couldn’t bring their $252 billion foreign cash reserves back to the United States until there were changes in the tax code.
Apple claimed that they would directly contribute $350 billion to the U.S. economy over the next five years, including $55 billion this year.
They also announced $30 in capital spending, which includes a new campus, a $10 billion investment toward data centers, and $4 billion toward advanced manufacturing.
The company will also be giving almost all of its employees a $2,500 stock grant.
I promised that my policies would allow companies like Apple to bring massive amounts of money back to the United States. Great to see Apple follow through as a result of TAX CUTS. Huge win for American workers and the USA! https://t.co/OwXVUyLOb1
— Donald J. Trump (@realDonaldTrump) January 17, 2018