APPLE being run out of California? Uh, NO! At least not exactly. Apple announced that it would invest some $30 billion in new capital spending AND build a new campus……….somewhere. Picking up on the #MeToo sexual harassment movement Apple says “Me Too” to the Amazon new headquarters idea. So, Apple (itself a fintech and many other things, too) is bringing hoards of overseas cash “home” ($250 billion?), giving stock to employees and generally trying to be a good corporate citizen (old batteries not withstanding). Now, the bad news? The new campus might be in Bakersfield, Fresno or Fargo, ND so those happy employees may not be smiling for long.
“Apple announced in a statement on Wednesday that it plans to accelerate U.S. investment and create thousands of new jobs.
For years Apple Inc. has been criticized for outsourcing manufacturing to China.
Apple says it plans to bring back billions of dollars it has kept in tax havens overseas, and that it will pay a one-time tax of $38 billion on its overseas cash holdings.
NPR’s Laura Sydell told Kelly McEvers, host of All Things Considered, that Apple has kept some $250 billion outside the U.S.
“Apple CEO Tim Cook has been a critic of American tax laws. But under the new tax law, the company can bring back the money at a reduced rate.”Cook has been sensitive to criticism that Apple’s been dodging U.S. taxes. With the announcement, he said, “We have a deep sense of responsibility to give back to our country and the people who make our success possible.’ ”
President Trump tweeted that Apple’s decision is a “huge win for American workers and the USA!”
He also attributed his policies for allowing Apple to bring “massive amounts of money” back into the U.S.
Asked in an interview with ABC News whether the job creation announcements were directly related to the Republican tax plan, CEO Cook said, “Let me be clear: There are large parts of this that are a result of the tax reform, and there’s large parts of this we would have done in any situation.”…
Full story at NPR.org