An Apple Campus for Chicago?

18 January, 2018, 14:10 | Author: Yolanda Murray
  • Tim Cook chief executive officer of Apple gestures during the Apple Worldwide Developers Conference in San Francisco

Apple is joining a growing list of USA tech giants looking at how to handle their large amounts of cash generated by overseas sales.

We don't know when that campus will open or where it will be - that information will come later on this year - but when we count that with investments at existing campuses, Apple says it expects to spend $30 billion on capital expenditures and hire 20,000 people over the next five years.

Apple on Wednesday said it plans to repatriate an unspecified amount of its overseas cash as part of what it is calling a five-year, $350 billion contribution to the us economy.

Apple has announced a range of investments it claims will bring a total of $350 billion into the U.S. economy, highlighting its focus on jobs. Reuters Breakingviews estimated that Apple could have increased usa headcount by 24,000 in the last five years.

The repatriation will also see Apple, seen by critics as one of the planet's worst tax avoiders, pay a massive $US38 billion ($48 billion) in tax to the United States federal coffers.

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A payment of that size would likely be the largest of its kind ever made, the Silicon Valley based company said in a statement.

In a statement on Thursday morning (AEDT), Apple said the repatriation would see it invest $US30 billion ($37.7 billion) in the U.S. over the next five years.

Apple announced its $1 billion advanced manufacturing fund previous year. Given a one-time 15.5% repatriation and with 94% of its cash held overseas, however, Apple - the world's most valuable public company - has become the first company to outline how it will take advantage of the new tax law in the coming years. "Great to see Apple follow through as a result of TAX CUTS", Trump wrote on Twitter.

Erich Schlegel/Austin American-StatesmanAUSTIN, TX - AUGUST 25, 2017 - Apple CEO Tim Cook, right, visits with Senior Specialist Rachel Brown while visiting the company's Austin campus.

Apple said by 2023 it will employ 20,000 more people through hiring at the new facility and existing campuses.

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In 2018 alone, the tech titan plans to direct about $55 billion toward domestic suppliers and manufacturers.

Apple is likely to be the biggest beneficiary of that provision.

Interestingly, Apple is also planning to establish another Apple campus in a new location that will begin as a location for technical support personnel.

Apple's investments don't include the company's ongoing tax payments, which are already pretty lofty.

Over the past 12 months, Apple's share price rose almost 50% from $120.00 on January 18, 2017, to $179.06, where it closed on January 17, 2018.

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In 2013, a Senate committee accused Apple of using a "highly questionable" web of offshore vehicles to avoid paying taxes in the US.

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