Apple To Pay $38 Billion In Tax For Plans To Bring Home Its Billions From Overseas

Apple recently announced that it would be bringing home the bulk of its overseas funds, which happens to be the largest of any U.S. company. This would involve paying $38 billion in taxes, but it seems the company doesn’t really care. It wants to basically use that money to fund the creation of American jobs via local manufacturing, as well as data centers.

The Cupertino firm is looking at creating about 20,000 new jobs in the future, which will be available at existing sites as well as a new campus that it is planning to open. This news caused the company’s shares to rise by 1.7 percent, which placed its value at $179.10, Bloomberg reports.

According to Apple CEO, Tim Cook, this investment is intended to prove that the company is focusing “in areas where we can have a direct impact on job creation and job preparedness.” This basically made Apple the first major U.S. company to act on the recent tax cuts in a way that directly influenced the country’s economy and employment numbers.

Other firms, such as major U.S. carriers simply celebrated the event by issuing bonuses to their employees, and no doubt to their executives. As Erik Gordon, a professor at the University of Michigan’s Ross School of Business told the publication, Apple’s decision to add more jobs to the U.S. could serve to provide President Donald Trump with the political points that he currently sorely needs.

“The thrust here is American jobs, jobs on American soil, build manufacturing here, don’t build everything in China,” Gordon said. “You can’t have an announcement of a million jobs. But you can have companies like Apple saying that we’re going to have 20,000 new jobs here. If other companies say they’re going to have new jobs too, it does add up.”