Apple to pay $38 billion on overseas cash pile

Apple CEO Tim Cook. More

Apple CEO Tim Cook. More

Apple said it will repatriate overseas cash and deliver a record tax payment.

Today in a press release Apple shared an update on its contributions to the USA economy.

$350 billion will be contributed to the United States economy over those five years.

Made public just ahead of its February 1 earnings call, Apple's new plan anticipates over $30 billion in US capital expenditures over the next five years, including the opening of a new Apple campus in a new location, initially housing technical support for customers. Apple now employs 84,000 people in the United States, with the bulk of those being in California, where it's headquartered. Apple claims the payment is likely "the largest of its kind ever made". "We have a deep sense of responsibility to give back to our country and the people who help make our success possible", he said. It will announce the location later this year.

The company plans to establish an Apple campus in a new location, which will initially house technical support for customers. And last summer, the company announced plans for a 400,000-square-foot data center in Waukee, Iowa, to power Apple services.

Tech companies like Apple and Amazon, which announced plans for a second headquarters outside Seattle a year ago, have been under a microscope recently for their impact on jobs. Apple said it estimates that it will spend US$55b this year on American suppliers and manufacturers.

Amid Wednesday's news, the company also broke ground on a new site in Reno, Nevada.

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