Apple plots repatriation, investment in US after tax reform
Apple has lobbied for a lowering or an abolishment of repatriation taxes in addition to the depression of corporate tax rates in the United States. It has not gotten exactly what it wanted, but it will run with the bill Congress passed as it has announced a five-year, $350 billion investment package for domestic businesses.
As the country’s most profitable company by far, it’s expected to carry out on many lofty promises including $30 billion in capital expenditures, injections into its existing Advanced Manufacturing Fund totaling $4 billion and monies for 20,000 new jobs at the company — including positions for a customer service call center based in the United States. It will also repatriate an unspecified portion of the $252 billion in overseas profits it has amassed to fund its initiatives and pay a record $38 billion in taxes on the move.
Apple will also spend $5 billion more than last year or $55 billion with US-based parts suppliers in 2018.
Capital expenditures are to go to a new corporate campus in Reno, Nevada, and one other in the nation, the location of which will be announced within 2018. Data centers in seven states will also get improvements. The new facilities, much like existing retail and corporate plots, will run on renewable energy sources.
The company will also expand its work in K-12 education on topics in Science, Technology, Engineering, Arts and Math through more curricular programming, training and support for teachers. The ConnectED program will also expand to be present in more underserved communities with lessons on coding, especially through the company’s Swift language.