Apple to add 20000 new jobs

Jan 19, 2018, 01:56
Apple to add 20000 new jobs

But, reading between the lines, it's also a carefully crafted PR drill meant to stave off criticism and curry some favor with Washington.

Despite the differences, one huge similarity joins the two new campus announcements: Job creation is a big deal for cities, especially when it comes from big-name tech and retail companies such as Apple and Amazon.

Most of that $250 billion Apple cash pile would have been held by its Irish arm up to 2014, but following a change in the tax law in Budget 2015 - which meant Irish-registered companies could no longer be regarded as "stateless" for tax purposes - the residency of that arm was moved to Jersey.

Companies that bring back money stashed overseas this year will be taxed at a 15.5 percent rate, below the new 21 percent rate for US corporate profits under the new law.

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Apple also announced that it plans to invest $30 billion in capital spending in the US over the next five years, by creating 20,000 new jobs and building a new campus.

He also attributed his policies for allowing Apple to bring "massive amounts of money" back into the U.S. "I do believe the corporate tax side will result in job creation and a faster growing economy". They often contain lots of bluster about the wonderful things a given company does for the economy. Great to see Apple follow through as a result of TAX CUTS.

Apple's statement today contains some of those traits.

Opponents to the new tax law predicted much of the money firms saved from the cuts would go to share buybacks and higher dividends. It takes credit for the app economy that provides work for thousands of developers.

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Ireland's Department of Finance Secretary General Derek Moran provided details about the payment in a letter to the Public Accounts Committee.

Apple's new campus won't be its "second campus" and is unlikely to rival its current headquarters, at 1 Infinite Loop, or its new $5 billion headquarters, Apple Park, both in Cupertino, California. The fund last put $390 million behind Finisar, the Texas-based supplier of lasers used in the iPhone's Face ID facial recognition system.

If Apple's overall capital expenditures continue to expand at the same rate expected this year, the $30 billion investment in the United States could represent about a third of its capital expenditures over the next five years.

The location of the new campus - which will initially house technical support for customers - will be announced later this year. S. headcount by 24,000 in the last five years.

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Apple has the largest offshore cash reserves of any USA company, with about $252 billion at the end of September, the most recently reported fiscal quarter. Apple declined to comment to CNBC on the specific repatriation size. Ireland would not have benefited from the notional holding of that money here. Under the new tax bill, all overseas cash is subject to a one-time 15.5 percent tax whether Apple leaves it overseas or moves it to the United States. The economic outlook for the US continues to look better each day, too.

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