Huge news from tech giant Apple. The company has announced it will be contributing $350 billion into the US economy over the next five years, combining both new investments and its existing spending with domestic companies for supply and manufacturing.
Apple will pay $38 billion in taxes on the cash it has stashed overseas as it looks to repatriate the money back into the U.S. The company currently has approximately $250 billion in cash overseas.
Apple also announced plans to create 20,000 jobs and build additional campuses as part of a plan to invest $350 billion in the U.S. over the next five years.
The company’s press release, the investments will concentrate on three areas: direct employment by Apple, spending and investment with Apple’s domestic suppliers and manufacturers, and the digital App Store economy.