Already the nation's largest taxpayer, the tech giant said Wednesday it anticipates repatriation tax payments of approximately $38 billion as a result of the new United States tax reform law. "Apple is a success story that could only have happened in America, and we are proud to build on our long history of support for the U.S. economy", Apple CEO Tim Cook said.
This is great news for the American economy and for America's workers.
Apple CEO Tim Cook waves as he arrives on stage to deliver his keynote address at the Worldwide Developers Conference in San Francisco, California, June 8, 2015.
"I just called Tim cook and I thanked him", said Trump.More news: Earnings Analysis Of Advanced Micro Devices, Inc. (AMD)
President Donald Trump sang Apple's praises on Thursday, a day after the company unveiled an ambitious - but vague - US investment plan. He then said he didn't believe at first that it was $350 billion, but thought instead it was $350 million. "But I don't imagine there has ever been an investment that big in this country".
While the Apple chief has spread his political donations across both major USA parties, according to Federal Election Commission, he held a fund-raiser in 2016 for Hilary Clinton and previous year pledged US$2 million to anti-hate groups after a deadly rally by white supremacists in Charlottesville, Virginia. That's going to be a handsome plant.' They said, 'No, it's three-hundred and fifty billion dollars.' And I just called Tim Cook and I thanked him. The location of this new facility will be announced later in the year. Meanwhile, Apple supplier Finisar previously announced in December it will open up a facility in Sherman, Texas.
Many analysts say one reason stocks have gone up so far is because of Trump's moves to cut excessive government regulations, and his tax cuts for businesses and individuals. "Huge win for American workers and the U.S.!"
He also attributed his policies for allowing Apple to bring "massive amounts of money" back into the U.S.
That anticipated tax bill implies Apple intends to bring back about US$245 billion of its overseas cash, based on the temporary tax rate of 15.5 percent on foreign profits.